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Author Topic: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years  (Read 624 times)

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Online Kamaji

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US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« on: April 28, 2022, 01:01:48 pm »
US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years

Economists expected the economy to expand by 1.1%, a marked slowdown from 2021

By Megan Henney FOXBusiness
April 28, 2022

The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.

Refinitiv economists expected the report to show the economy had expanded by 1.1%.

*  *  *

Source:  https://www.foxbusiness.com/economy/us-economic-growth-gdp-first-quarter
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Offline Right_in_Virginia

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U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #1 on: April 28, 2022, 01:05:16 pm »
U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
CNBC, Apr 28, 2022

Gross domestic product unexpectedly declined at a 1.4% annualized pace in the first quarter, marking an abrupt reversal for an economy coming off its best performance since 1984, the Commerce Department reported Thursday.

The negative growth rate missed even the subdued Dow Jones estimate of a 1% gain for the quarter. GDP measures the output of goods and services in the U.S. for the three-month period.

A plethora of factors conspired to weigh against growth during the first three months of 2022, which fell off a cliff following the 6.9% gain to close out last year.


More:  https://www.cnbc.com/2022/04/28/us-q1-gdp-growth.html
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Online Kamaji

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #2 on: April 28, 2022, 01:05:16 pm »
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Online Wingnut

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #3 on: April 28, 2022, 01:10:22 pm »
C'mon man, we are just getting started.  You ain't see nuttin yet!
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Offline Right_in_Virginia

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Re: U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #4 on: April 28, 2022, 01:10:25 pm »
US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
Economists expected the economy to expand by 1.1%, a marked slowdown from 2021
Fox Business News, Apr 28, 2022

The U.S. economy cooled markedly in the first three months of the year, as snarled supply chains, record-high inflation and labor shortages weighed on growth and slowed the pandemic recovery.

Gross domestic product, the broadest measure of goods and services produced across the economy, shrank by 1.4% on an annualized basis in the three-month period from January through March, the Commerce Department said in its first reading of the data on Thursday.

Refinitiv economists expected the report to show the economy had expanded by 1.1%.

https://www.foxbusiness.com/economy/us-economic-growth-gdp-first-quarter.amp
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Offline andy58-in-nh

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #5 on: April 28, 2022, 01:14:44 pm »
Quote from: Kamaji on April 28, 2022, 01:05:16 pm


Time for higher taxes and more government spending - isn't that right, Joe?
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Online catfish1957

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Re: U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #6 on: April 28, 2022, 01:14:53 pm »
Dropping GDP, amidst runaway inflation?

Of course dim lackeys at CNBC were going to leave off the "stagflation" monicker....

Because folks....  With this report, it is offically here.

And never has the blame been so squarely placed than on Biden himself
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Offline mountaineer

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Re: U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #7 on: April 28, 2022, 01:21:15 pm »
Ben Shapiro
@benshapiro
Just remember, that -1.4% GDP growth takes into account continued massive government spending, and really doesn't take into account the interest rate increases we're about to see, the full impact of Russia/Ukraine, or the totality of China's supply chain covid issues.
9:15 AM · Apr 28, 2022·
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Online catfish1957

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #8 on: April 28, 2022, 01:33:04 pm »
(topics merged)
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Online LMAO

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Re: U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #9 on: April 28, 2022, 01:38:52 pm »
Quote from: catfish1957 on April 28, 2022, 01:14:53 pm
Dropping GDP, amidst runaway inflation?

Of course dim lackeys at CNBC were going to leave off the "stagflation" monicker....

Because folks....  With this report, it is offically here.

And never has the blame been so squarely placed than on Biden himself

We have a whole generation now that will understand what the 1970s were like
« Last Edit: April 28, 2022, 01:41:50 pm by LMAO »
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Online LMAO

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Re: U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #10 on: April 28, 2022, 01:41:26 pm »
Quote from: mountaineer on April 28, 2022, 01:21:15 pm
Ben Shapiro
@benshapiro
Just remember, that -1.4% GDP growth takes into account continued massive government spending, and really doesn't take into account the interest rate increases we're about to see, the full impact of Russia/Ukraine, or the totality of China's supply chain covid issues.
9:15 AM · Apr 28, 2022·

Well a recession is inevitable. It’s not the recession that worries me. It’s governments reaction to a recession that’s the problem
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I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them.

Barry Goldwater

http://www.usdebtclock.org

My Avatar is my adult autistic son Tommy

Online Kamaji

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #11 on: April 28, 2022, 01:46:48 pm »
Quote from: Wingnut on April 28, 2022, 01:10:22 pm
C'mon man, we are just getting started.  You ain't see nuttin yet!

That's what I'm afraid of.
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Online Kamaji

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #12 on: April 28, 2022, 01:47:30 pm »
Quote from: catfish1957 on April 28, 2022, 01:14:53 pm
Dropping GDP, amidst runaway inflation?

Of course dim lackeys at CNBC were going to leave off the "stagflation" monicker....

Because folks....  With this report, it is offically here.

And never has the blame been so squarely placed than on Biden himself


Bingo!

Rising inflation coupled with dropping economic performance = stagflation.
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Online LMAO

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #13 on: April 28, 2022, 01:51:00 pm »
Quote from: Kamaji on April 28, 2022, 01:46:48 pm
That's what I'm afraid of.

Ditto!!!
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I have little interest in streamlining government or in making it more efficient, for I mean to reduce its size. I do not undertake to promote welfare, for I propose to extend freedom. My aim is not to pass laws, but to repeal them.

Barry Goldwater

http://www.usdebtclock.org

My Avatar is my adult autistic son Tommy

Offline DefiantMassRINO

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #14 on: April 28, 2022, 01:56:55 pm »
S-T-A-G-F-L-A-T-I-O-N



M-A-L-A-I-S-E


https://www.youtube.com/watch?v=-OWHjPj5_Eg
« Last Edit: April 28, 2022, 02:01:28 pm by DefiantMassRINO »
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Offline cato potatoe

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #15 on: April 28, 2022, 03:06:06 pm »
Why are economists confused?  More people are getting low on cash, and keynesian borrow-spend cycle had to slow eventually.  Now we are in a pickle.
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Offline Right_in_Virginia

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Re: US economy shrank 1.4% at beginning of 2022, marking worst quarter in 2 years
« Reply #16 on: April 30, 2022, 02:21:20 am »
Rep. Chris Stewart
@RepChrisStewart

There's one reason why we aren't enjoying a post-pandemic boom: out-of-control government spending.

Democrats' policies have created skyrocketing inflation rates and now, a shrinking economy.

@POTUS: Stop the endless taxing and spending.

11:43 AM · Apr 29, 2022  Twitter Web App
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Offline IsailedawayfromFR

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Re: U.S. economic growth rate unexpectedly declined in the first quarter by 1.4%
« Reply #17 on: April 30, 2022, 02:37:43 pm »
Quote from: LMAO on April 28, 2022, 01:38:52 pm
We have a whole generation now that will understand what the 1970s were like
More 80s than 70s.

Yep, my mortgage rate for the home purchased in 1984 was 15.5%, 18 month variable.

I went variable as fixed was 19%
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