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The revised GDP estimate for the first quarter is out and it ain't pretty. The contraction was more than expected (1% vs. 0.6%). Corporate profits were also down.
The new GDP forecast for the year is a measely 1 percent. And that's assuming there is no additional downturn.
While a harsh winter is to blame for some of it, the underlying foundation of our economy is still very weak. A harsh winter should never cause GDP to go negative.
LOL..and don't forget they changed the way GDP is calculated which gave it an automatic BUMP of 3%.
The values of paintings hanging in the WH now contribute to the GDP.
Shadowstats still calculates GDP pre last July when they changed it..-2% folks.
The new GDP forecast for the year is a measely 1 percent. And that's assuming there is no additional downturn.
While a harsh winter is to blame for some of it, the underlying foundation of our economy is still very weak. A harsh winter should never cause GDP to go negative.
Everyone likes to blame the weather.
In the summer it's "too hot" and in the winter it's "snow" or "too cold".
And we totally disregard that most shopping and consuming is happening ONLINE now.
The "harsh weather" in reality affects delivery companies and supermarkets directly.
Online shopping surpassed brick and mortar back in 2012.
The new GDP forecast for the year is a measely 1 percent. And that's assuming there is no additional downturn.
While a harsh winter is to blame for some of it, the underlying foundation of our economy is still very weak. A harsh winter should never cause GDP to go negative.
And of couse, heating gas and oil.....I know our propane company hired a new driver......I know this because for the first time in eight years we bought an extra tank of propane.
The back-up to our GEO system came on more this past year than in the past three years combined.
If half the country is paralyzed and trapped at home, they aren't buying things.
Online shopping surpassed brick and mortar in 2012 my friend.
And no one was found starved to death at home so somehow people got out to get food and gas.
They also found their way to Wallymart who posted $129 billion in sales for that quarter.
Both FedEx and CSX reported lower earnings due to weather and that I can believe as they are transport companies directly impacted by weather.
Online shopping surpassed brick and mortar in 2012 my friend.
You buy all your items online?
Oh wait... shipping is also affected by adverse winter conditions as well
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