"Economy grows at robust pace in second quarter"

Gee, I wonder why this story wasn't publicized on these pages by our resident gloomer and doomers?

From Politico:

Economy grows at robust pace in second quarter


By MJ LEE | 7/30/14 8:41 AM EDT Updated: 7/30/14 2:24 PM EDT

The U.S. economy rebounded strongly in the spring, according to government data released on Wednesday, helping ease concerns about the significant contraction during the first three months of the year.

The Commerce Department said gross domestic product (GDP) grew at an annual rate of 4 percent during the second quarter, far surpassing expectations. Analysts were projecting 3.1 percent growth in the government’s first estimate of economic growth for the second quarter, according to a Bloomberg consensus.

Wednesday’s news comes on the heels of dismal performance in the first quarter, when the economy shrank by 2.1 percent, according to the government’s latest revision. Analysts largely attributed the contraction to harsh weather conditions this winter and had forecasted second quarter performance to show significant improvement.

“Not only did second-quarter GDP rebound by 4.0% annualized, but the decline in the first quarter was trimmed to 2.1%, from 2.9%, and other revisions show the economy growing at an even faster pace than previously believed in the second half of last year,” said Paul Ashworth, chief U.S. economist with Capital Economics. “As a result, it now looks like the economy will expand by about 2% this year, higher than our previous 1.7% forecast.”

GDP growth — the broadest measure of the national economy — and labor market conditions serve as important indicators of the state of the recovery, and both are being closely scrutinized by Democrats and Republicans alike going into the 2014 midterm elections.

The robust GDP growth from April to June will likely serve as a helpful talking point about an improving economy when President Barack Obama delivers remarks on Wednesday at an event in Kansas City, Missouri.

The numbers released on Wednesday are the government’s first stab at measuring economic growth for the second quarter and it could be significantly revised in the coming weeks when new estimates are produced.

The initial second quarter GDP reading sets the stage for several other key economic data releases this week, including the July jobs report on Friday. The unemployment rate stands at 6.1 percent and the economy added 288,000 jobs in June.

Meanwhile, the Federal Reserve announced Wednesday afternoon that it will scale back its economic stimulus program by an additional $10 billion as the economy shows signs of steady improvement. Starting in August, the Fed will purchase $25 billion in bonds each month as a part of its monetary policy program known as quantitative easing, which is aimed at keeping long-term interest rates low in an effort to stimulate spending and investment.

The Fed’s policy-making committee pointed to improved labor market conditions and a falling unemployment rate, but maintained its forward guidance on short-term interest rates. The committee said the first rate hike would not come for a “considerable time” after the Fed’s bond buying stimulus program is fully wound down. This is widely expected to be announced at the Fed’s October meeting.

“[E]conomic activity rebounded in the second quarter,” the Federal Open Market Committee said in a statement at the conclusion of its two-day policy meeting. “The Committee sees the risks to the outlook for economic activity and the labor market as nearly balanced and judges that the likelihood of inflation running persistently below 2 percent has diminished somewhat.”

http://www.politico.com/story/2014/0...#ixzz391xKfGfv

I think most of it stems from the fact that the GDP will be recalculated downward in a few weeks just like last quarter. I find it strange that if this quarter had been negative then we would have to talk about a depression, an Obama depression. Smells like someone jimmied the numbers and went too far, 4%? Not very likely. The only thing that has changed is the cold weather. Remember how the White House blamed the cooler weather in the first quarter? We can let this post stand but we will come back and laugh at your for being so easily fooled.

I think most of it stems from the fact that the GDP will be recalculated downward in a few weeks just like last quarter. I find it strange that if this quarter had been negative then we would have to talk about a depression, an Obama depression. Originally Posted by JD Barleycorn

Note to self: Put JDIdiot in the category of:

Robust "GDP growth — the broadest measure of the national economy —" during the 2nd quarter of this year, was not necessarily a good thing.

Next gloomer and doomer?

well the real test comes the next half of the year. Lets see how that plays out mainly the 3rd Qtr.

we had one really bad and one really good. 3 months not maketh a year. just like the first 3 months not maketh a year..

both parties seem to jump on the good or the bad and then tout how great or how bad Obama .. its has to play out, our World Economy should be not measured in 3 month cycles...

what this article fails to mention is that Yellen is very concerned about full time long term jobs, not all the 30 hour jobs being created..

How did we know that Tampon would not, could not, understand plain english (que pasa dude?). Remember this when they correct.

well the real test comes the next half of the year. Lets see how that plays out mainly the 3rd Qtr.... Originally Posted by RALPHEY BOY

In 2000 the Administration monkeyed the BLS books to show job growth (or better reflect there were no job losses) for October 2000 (by republishing the stats for September 2000) and there was no "correction" until later ... actually the next year.

The AFL-CIO even raised hell with them about it ... publishing in December 2000 its own graph showing the job losses beginning in the Summer.

Clinton was raising hell in appearances because Cheney in December 2000 was saying their first task was to address the downturn in the economy .. .and Clinton was still hollering there was no "downturn" in the economy (Gore hadn't "won" or "lost" yet, according to Gore).

Anybody who was conscious knows the "downturn" began March 2000.

Same here. Give the "miracle worker" Obaminable the credit for the miraculous surge in the economy .. as he said yesterday .. PROVING all his economic policies have been working all along... he actually said that .. and people at his fund raiser actually applauded!

This has been the worst recovery since of a recession since WW2. BO has stomped on it the whole way. It is laughable that he would take credit for it.

This has been the worst recovery since of a recession since WW2. BO has stomped on it the whole way. It is laughable that he would take credit for it. Originally Posted by TheDaliLama

It is laughable that you would then blame him for it.

Kinda hard to have it both ways!

This has been the worst recovery since of a recession since WW2. BO has stomped on it the whole way. It is laughable that he would take credit for it. Originally Posted by TheDaliLama

"The Markets" responded to his bullshit ... and the bullshit numbers...

...... well, didn't "they"? It's like when he opens his mouth a lie spews out!

And his little parrots lap it up and chime right in with support for his lies.

DJ opened down over 100 pts. creeping back up..but still down.

Happy Days Are Here Again!

"..“As a result, it now looks like the economy will expand by about 2% this year, higher than our previous 1.7% forecast.”

Obaminable's magic ... .3%? ..Point Three Percent!!!...

.... "it now looks"~!!!!! (Until the next revisions!!!!)

Correction: DJ down 179 pts? today .... Good Times Are Here Again!!!!

the sad thing is nothing coming out of this administration can be accepted as untainted or without political influence of the most corrupting nature

without repeating the litany of abuse and lies and corruption of all aspects of the branches, down to its most tender unfolding leaves, of the executive since obama has assumed power, one cannot help but look askance at any bit of forthcoming executive branch data

the sad thing is nothing coming out of this administration can be accepted as untainted or without political influence of the most corrupting nature

without repeating the litany of abuse and lies and corruption of all aspects of the branches, down to its most tender unfolding leaves, of the executive since obama has assumed power, one cannot but help look askance at any bit of forthcoming executive branch data Originally Posted by nevergaveitathought

= Obaminable has NO CREDIBILITY inside or outside of this Country...

.. .and I suspect even with Michelle and the kids.

= Obaminable has NO CREDIBILITY inside or outside of this Country...

.. .and I suspect even with Michelle and the kids. Originally Posted by LexusLover

You suspect?????

I suspect you do not know wtf you are talking about.

I know for damn sure nevergivesitathought does not wtf he is blabbing about.

I do know he sounds like a fucking Parrot..."Obama bad! Bad President Obama...yadayadayada"

according to government data released

Hahahahahahahahahaha

OMG, yes, I believe it now.

Not sure how GDP can be well analyzed for 2Q when most companies have not even finished their quarterly close. Future revisions should be interesting to say the least.

But it makes the idiots think everything is good if the one says it is good. Period!

I know for damn sure nevergivesitathought does not wtf he is blabbing about.
Originally Posted by WTF

I'm giving you the word "know"

I assume you meant to use it

but in doing so I render your statement incorrect so maybe you do mean I don't... "wtf" he is blabbling about....

but ok lets stick with using the word "know"

so what is it I don't know wtf im blabbing about? that Obama lies? that he's corrupt and corrupting?

so you accept "whole hog" anything his administration says without one tad of wonder?

and here it was I thought you held yourself out as the ultimate apprehender of corruption and hypocrisy, seeing all sides and rendering, as Solomon, sage poxes on all

you don't look askance on governmental statements?

• a·skance
• [ ə skánss ]

1. suspiciously: with doubt or suspicion

I do

its really sad Obama has eroded so ever more terribly the even very small faith that was hopefully held in government and in its bureaucrats at the outset of his reign