economy

From Bad To Worse: U.S Economy Contracts By Most in Five Years

avatar

From CNBC

The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.

The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy’s worst performance in five years, instead of the 1.0 percent pace it had reported last month.

While the economy’s woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government’s first estimate was published in April, which had the economy expanding at a 0.1 percent rate.

The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said. Economists had expected growth to be revised to show it contracting at a 1.7 percent rate.

Read more: CNBC.com

BarbWire Books is pleased to announce

Muslim Invasion: The Fuse Is Burning

Dr. Don Boys

Muslin Invasion: The Fuse is Burning! is an interesting, informative, and for the politically correct and infuriating read. Islam, Muslims, immigration, Jihad, Sharia, and the war against our civilization, culture, and creed is a present reality. Gutless public officials are selling us short either by complicity with the enemy or due to a doctrinaire commitment to idiotic tolerance ideology. Whatever the case, citizens must stand up against the invasion now before it is to late. The author suggests that the fuse is burning and the results will end in a complete upheaval of America and every free nation, unless we act now. Forget the lame stream media. Forget Obama. Common sense mandates, our very survival demands that we act NOW to keep America from going off the cliff; This book promises to be a life changing read.

BUY BOOK


Posting Policy

We have no tolerance for comments containing violence, racism, vulgarity, profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment where we can engage in reasonable discourse. Read More

STAY IN THE LOOP
Don't miss a thing. Sign up for our email newsletter to become a BarbWire insider.

Send this to friend