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Open Thread | Main | Shinseki: All Right, Now I'll Start Actually Doing My Job
May 29, 2014

First Quarter GDP Adjusted All the Way Down from +0.1% to -1.0%
Real CNN Headline: U.S. economy shrinks, but it's not a big deal

Obama told the media to portray this as a minor speedbump, and lo and behold the media are treating it as a minor speedbump.

This is a major contraction in the economy. This is a sign of a new recession. Were there to be two running quarters of negative growth, we'd officially be in a recession.

So it's deliriously spinny for CNN to Voxsplain it thus:

U.S. economy shrinks, but it's not a big deal

Brace yourself. The U.S. economy looks like it went on a roller-coaster ride at the start of the year.

Revised numbers released Thursday show the economy shrank in the first quarter, marking the first downturn since early 2011. Gross domestic product, the broadest measure of economic growth, fell at a 1% annual pace, according to the Bureau of Economic Analysis.

A slump was entirely expected, and economists aren't too worried. They forecast a bounce back in the spring.

Take for example Joseph Lavorgna, chief U.S. economist at Deutsche Bank. He predicts the economy will rev up, growing at more than a 4% pace in April through June. In a note to clients this week, he cautioned investors not to worry if the first quarter numbers were lousy.

CNN goes on to chipperly burble that this is all expected Because Snow.

...

"The first quarter was disappointing, but rather than view that as an omen of a recession or the first of a down leg in the economy, I see the seeds of a big bounce back in spring," Hoffman said.

Green Shoots, baby.

Now CNN spins that this number isn't final. Yes, the first number (released weeks ago) wasn't final, and neither is this one.

I didn't see this kind of Don't Trust the Numbers disclaimer when the GDP numbers came in over 4%:

It's important to remember that the first quarter GDP numbers aren't final. They will be revised by the government at least two more times over the next couple of months. The government initially said first quarter GDP grew at a 0.1% annual rate. Today's figure is a revision.

Incredible.

Political operatives with bylines, as Instapundit says.

Part of this, I think, is that reporters just aren't that smart, and don't know anything about anything. Therefore, all of their reportage relies entirely upon the alleged experts they talk to.

And if Obama-supporting experts are who they have on speed dial (or even -- who the Obama Administration has suggested they talk to), this is what you get.

Coming Soon from CNN:

Good news! Your chocolate ration has been increased from 20 grams per month to 15 grams per month.

From Alberta Oil Peon.

CNN

Something unexpectedly happened in Your Mouth, but Obama-partisan economists say it's no big deal.

It was Because Snow.


digg this
posted by Ace at 01:30 PM

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