RWHeathenGamer
Member
Remember when in January 2014, Q1 GDP was expected to rise 2.6%? Well, here comes the final Q1 GDP revision and it's a doozy: at -2.9%, far below the -1.8% expected and well below the -1.0% second revision, it is an absolute disaster, and is the worst print since Q1 2009.
And while a bad GDP print was largely expected, the driver wasn't: personal consumption expenditures somehow crashed from 3.1% to just 1.0%, far below the 2.4% expected, meaning that all hope of a consumer recovery is dead. Finally, as a reminder, US GDP has never fallen more than 1.5% except during or just before an NBER-defined recession since quarterly GDP records began in 1947. Good luck department of truth propaganda machine, because even assuming 3% growth every other quarter in 2014 means 2014 GDP will be 1.5% at best!
![GDP%20Q1%20LT_1.jpg](/proxy.php?image=http%3A%2F%2Fwww.zerohedge.com%2Fsites%2Fdefault%2Ffiles%2Fimages%2Fuser5%2Fimageroot%2F2014%2F06%2FGDP%2520Q1%2520LT_1.jpg&hash=277b2ace1b61a22c417c78cb5e2aa57e)
![GDP%20final%20revision.jpg](/proxy.php?image=http%3A%2F%2Fwww.zerohedge.com%2Fsites%2Fdefault%2Ffiles%2Fimages%2Fuser5%2Fimageroot%2F2014%2F06%2FGDP%2520final%2520revision.jpg&hash=8e7662281acfd7c11c3be78ddfe96717)
GDP Disaster: Final Q1 GDP Crashes To -2.9%, Lowest Since 2009, Far Below The Worst Expectations | Zero Hedge