(Zero Hedge) Remember in January, Q1 GDP was expected to rise 2.6? Now comes the final Q1 GDP revision and its a doozy–at -2.9% far below the expected -1.8% and well below the -1.0% revision the Bureau of Economic Analysis reported last month–an absolute disaster.
While the economic woes had been largely blamed earlier this year on the unusually harsh Winter in much of the country, the magnitude of the negative revisions suggest other factors at play other than the weather–Growth has been revised down 3% since the government’s first estimate was published in April which had the economy expanding at a paltry rate of just 0.1%
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Related: Obama’s Stimulus: 5 Yrs of Keynesian Fairy Dust — Federalist
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