Well, that’s not my shocked face, but, it’s some one’s! (A once child actor’s) Other estimates were revised up, which will be revised down, quietly.
Gross Domestic Product, Fourth Quarter and Annual 2013 (second estimate)
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.4 percent in the fourth quarter of 2013 (that is, from the third quarter to the fourth quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.1 percent.
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 3.2 percent. With this second estimate for the fourth quarter, an increase in personal consumption expenditures (PCE) was smaller than previously estimated (see “Revisions” on page 3)…..
Now, don’t let the verbiage bother you. These are quarter to quarter comparisons, sort of. Here’s the news no one is telling you.
2013 GDP Annual GDP increased 1.9 percent in 2013 (that is, from the 2012 annual level to the 2013 annual level), compared with an increase of 2.8 percent in 2012.
The AP really dug into the news in deep analysis to tell us exactly what’s happening……
US economy grew at 2.4 percent rate in 4th quarter as consumers spent less than first thought
WASHINGTON (AP) — US economy grew at 2.4 percent rate in 4th quarter as consumers spent less than first thought.
Yep. That’s the story, in it’s entirety. I’m certain they’ll take another go at it, and they’ll add the words “because of the weather” to it. Because, this is the first year us Americans have ever had weather. It’s because of the global wamringness which causes the cold, so, there you have it.
Now, remember kiddies, the 1.9% *growth* (cough, sputter, cough) includes our most recent revisions to the way we calculate the GDP. We’re now including “intangibles”. Such as pension deficits, and copyrights, and spending on R&D (which is now counted twice).
For those who may see 1.9% as “growth”, it isn’t for a nation such as the US, especially the way we calculate it. We’re not even breaking even. We need to have about 3%+ annual growth in order to create jobs and increase the general wealth of the nation. We’re not anywhere close, and we’re going backwards.
suyts space 
well of course consumers spent less….and they will continue to do so
How can they complain about the cost of elder health care…and not realize elder people buy less?
They campaigned on doing away with student debt…..because the kids weren’t making money to pay back their loans.
They crashed the housing market, and have done everything in their power to keep it crashed…
Forget the job market…
…and on and on
…shocked….shocked I tell you…..consumer spending is down!
Yes, a surprise to all of us! Wait!!! I know what will help!!! Let’s raise minimum wage and then screw up the way to figure inflation!!!! That’ll help the GDP!!! Spending will be up!!! (for the same crap we’re spending less on today)
Pardie!
H&R BLOCK says there is one billion dollars EXTRA… the IRS has.
There is 1 washer in sink P TRAPS
Those are all counted in GDP?
And R&D and Accounts receivable (they are double counted now).
Reblogged this on Climate Ponderings.
Let’s not forget that they changed the way they compute GDP two quarters ago. By adding new categories to be counted they added about 3% to the GDP.
So if we were to measure GDP with the old method, GDP growth would be about -0.6% which is very bad.!!
But you will not see that reported anywhere. And while the change is still too fresh, they will eventually be comparing the new phony GDP to the old GDP to show us how great Obama’s economy is. Mark my words.
I’m quite sure they changed the method of computation to create exactly that situation for the 2014 elections. Sine the White House controls the census bureau which provides data to the Labor department for computing unemployment, we should expect “good news” leading up to the 2014 elections. (Just as it did for the 2012 election)
EW, I think it’s bigger than that, in that most of the globe has decided to do so. It wasn’t just for the US, although we were early adopters, but, for global propaganda. The EU has started using it now. And, they knew they were going to. Funny, last year they kept telling us the GDP would get a bit better this year.
“a bit better this year” – on monkeyed numbers alone.
Of course. They still have never explained of justified the half million jobs they added in August of 2012.
Hmm…..
O’kay I’ll bite! [ I really did wait for others to ask first ] 🙂
How are copyrights counted as GDP?
E.g. Hollywood movie productions. Film production costs are now counted as GDP like R&D cost are.
They didn’t get counted before; because the wages paid during the projects already counted.
Now they are counted , which leads to the double counting. It helps the Empire to inflate its GDP numbers, which makes percentage points of public debt look better, and helps in pretending there’s no inflation.
The Empire, because USA changed its rules and the colonies (EU) as well.
AHaaaaaaaaaa Thank you 🙂
Here is the main point, when things are running really good, the socialist are out in droves with their pet projects, when things are bad they unite.
Yep Dirk, I am going to agree with you about the Empire. It reminds me of that scene in Star Wars II where Chancellor Palpatine gets the Galactic Senate to give him emergency powers. That starts the Clone Wars and then Palpatine unilaterally reorganized the Republic into the Empire. Sad to think that Franklin was right when he is reported to say that ‘We have given you a Republic, if you can keep it’.
cdquarles says:
March 1, 2014 at 12:10 pm
“Yep Dirk, I am going to agree with you about the Empire.”
It became very clear to me after watching this (lengthy) account of battleship geopolitics: