excalibur
Diamond Member
- Mar 19, 2015
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We saw the other day the false jobs numbers. Now this GDP report.
The economy is teetering.
The U.S. economy grew at 1.6 percent in the first quarter of 2024 according to the first advance estimate released by the Bureau of Economic Analysis (BEA) on Thursday morning, a significant slowdown from the fourth quarter of 2023 in which GDP increased 3.4 percent. Economists had expected GDP growth to slow in Q1 — but not this much — projecting around 2.5 percent.
According to the BEA release, "the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending," movements "partly offset by an acceleration in residential fixed investment" and an acceleration in imports.
While the economy slowed more than expected from Q4 2023 to Q1 2024, inflation surged upward. The price index for GDP purchases jumped to 3.1 percent in the first quarter of 2024 from 1.9 percent in the last quarter of 2023. The personal consumption expenditures (PCE) price index jumped 3.4 percent in Q1 after rising 1.8 percent in Q4. The core PCE price index — excluding food and energy costs — increased even more in Q1 to 3.7 percent compared to Q4's 2.0 percent level. All these numbers are above what economists expected and higher than the Federal Reserve's target of just 2.0 percent.
Across the board, inflation is not "coming down" as President Biden continues to falsely claim.
The economy is teetering.
The U.S. economy grew at 1.6 percent in the first quarter of 2024 according to the first advance estimate released by the Bureau of Economic Analysis (BEA) on Thursday morning, a significant slowdown from the fourth quarter of 2023 in which GDP increased 3.4 percent. Economists had expected GDP growth to slow in Q1 — but not this much — projecting around 2.5 percent.
According to the BEA release, "the deceleration in real GDP in the first quarter primarily reflected decelerations in consumer spending, exports, and state and local government spending and a downturn in federal government spending," movements "partly offset by an acceleration in residential fixed investment" and an acceleration in imports.
While the economy slowed more than expected from Q4 2023 to Q1 2024, inflation surged upward. The price index for GDP purchases jumped to 3.1 percent in the first quarter of 2024 from 1.9 percent in the last quarter of 2023. The personal consumption expenditures (PCE) price index jumped 3.4 percent in Q1 after rising 1.8 percent in Q4. The core PCE price index — excluding food and energy costs — increased even more in Q1 to 3.7 percent compared to Q4's 2.0 percent level. All these numbers are above what economists expected and higher than the Federal Reserve's target of just 2.0 percent.
Across the board, inflation is not "coming down" as President Biden continues to falsely claim.
