Another “Disappointing” Quarter For Economic Growth

Companies spent less on buildings and equipment. Firms also paired back inventories sharply.

Another “Disappointing” Quarter For Economic Growth

Ed. Note: This week it was announced that second quarter Gross Domestic Product, GDP, growth rate was only 1.2% while the first quarter was revised downward to an anemic 0.8%.
Under the Obama Administration not a single year produced a growth rate over 3%, continuing the weakest annual growth rate of any economic expansion since 1949!!
Government controls, regulations, and high taxes suppress economic growth and job production, forcing many people out of the job market and others to settle for lower paying jobs. The American people deserve better.


Republished from GOP.com, July 29, 2016. Image credit: Reuters


Hillary Clinton – July 29, 2016

Just Last Night, Clinton Said Obama Doesn’t “Get The Credit” He Deserves On The Economy

At The Democrat National Convention, Hillary Clinton Said That Obama Does Not Get The Credit He Deserves For His Economic Policies, Saying “Our Economy Is So Much Stronger Than When” He Took Office. “But, even more important than the history we make tonight, is the history we will write together in the years ahead. Let’s begin with what we’re going to do to help working people in our country get ahead and stay ahead. Now, I don’t think President Obama and Vice President Biden get the credit they deserve for saving us from the worst economic crisis of our lifetimes. Our economy is so much stronger than when they took office.” (Hillary Clinton, Remarks At The Democrat National Convention , Philadelphia, PA, 7/28/16)

Today We Learned, The U.S. Economy Only Grew By 1.2 Percent In The Second Quarter, And The
First Quarter’s Growth Was Revised Down To Just 0.8 Percent

Today We Learned, The U.S. Economy Only Grew By 1.2 Percent In The Second Quarter, And The First Quarter’s Growth Was Revised Down To Just 0.8 Percent

The U.S. Economy Only Grew At An Annual Rate Of 1.2 Percent In The Second Quarter Of this Year, “Well Below” The Expectations Of Economists.” “Gross domestic product, the broadest measure of goods and services produced across the U.S., grew at a seasonally adjusted annual rate of 1.2% in the second quarter, the Commerce Department said Friday. The figure was well below the 2.6% growth economists surveyed by The Wall Street Journal had forecast.” (Eric Morath and Jeffrey Sparshott, “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter,” The Wall Street Journal, 7/29/16)

  • “The U.S. Economy Grew A Mere 1.2% Between April And June.” “The U.S. economy grew a mere 1.2% between April and June compared to the same period last year, according to the Commerce Department.” (Patrick Gillespie, “Spring Slump: U.S. Economy Only Grows 1.2%,” CNN Money, 7/29/16)

Revised Numbers Show That The U.S. Economy Only Grew By 0.8 Percent In The First Quarter. “The gain marks only a slight acceleration from the first quarter, when GDP advanced at a downwardly revised 0.8% pace. The first quarter was previously seen as increasing 1.1% from the prior period.” (Eric Morath and Jeffrey Sparshott, “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter,” The Wall Street Journal, 7/29/16)

  • “America’s Economy Didn’t Bounce Back In The Spring After A Sluggish Winter.”(Patrick Gillespie, “Spring Slump: U.S. Economy Only Grows 1.2%,”CNN Money, 7/29/16)
  • The First Quarter’s GDP Number Showed Growth Was “Extremely Sluggish.” “It’s just a notch better than the winter, when the economy was extremely sluggish, growing by only 0.8%.” (Patrick Gillespie, “Spring Slump: U.S. Economy Only Grows 1.2%,” CNN Money, 7/29/16)

The Second Quarter GDP Numbers Continues “The Weakest” Annual Growth Rate Of Any Economic Expansion Since 1949

“The Average Annual Growth Rate During The Current Business Cycle Remains The Weakest Of Any Expansion Since At Least 1949.” (Eric Morath and Jeffrey Sparshott, “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter,”The Wall Street Journal, 7/29/16)

“The Economy Has Grown At Less Than A 2% Pace For Three Straight Quarters.”(Eric Morath and Jeffrey Sparshott, “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter,” The Wall Street Journal, 7/29/16)

Second Quarter GDP: “Disappointing,” “Far Worse Than Expected,” “Weak,” “Not Good News For Clinton,” “A Big Miss”

The Wall Street Journal Headline: “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter” (Eric Morath and Jeffrey Sparshott, “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter,” The Wall Street Journal, 7/29/16)

Investor’s Business Daily Headline: “U.S. GDP Grew Just 1.2% In Q2, Far Worse Than Expected” (Ed Carson, “U.S. GDP Grew Just 1.2% In Q2, Far Worse Than Expected,” Investor’s Business Daily, 7/29/16)

  • “Wall Street Had Expected A 2.6% Pace.” (Ed Carson, “U.S. GDP Grew Just 1.2% In Q2, Far Worse Than Expected,” Investor’s Business Daily, 7/29/16)

CNN Money Headline: “Spring Slump: U.S. Economy Only Grows 1.2%” (Patrick Gillespie, “Spring Slump: U.S. Economy Only Grows 1.2%,” CNN Money, 7/29/16)

Politico’s Ben White: The Weak Second Quarter GDP Growth Is “Not Good News For Clinton.” (Ben White, Twitter Feed, 7/29/16)

(Ben White, Twitter Feed, 7/29/16)

(Ben White, Twitter Feed, 7/29/16)

The New York Times’ Senior Economic Correspondent Neil Irwin: A “Big Miss”(Neil Irwin, Twitter Feed, 7/29/16)

(Neil Irwin, Twitter Feed, 7/29/16)

Friday’s GDP Numbers Showed That Businesses Continue To Struggle To Invest In The Current Economy

Friday’s Release By The Bureau Of Economic Analysis Showed “Weak Business Investment” In The U.S. “But nonresidential fixed investment, a measure of business spending, declined at a 2.2% pace, the third straight quarterly drop. Companies spent less on buildings and equipment. Firms also paired back inventories sharply. The change in private inventories subtracted 1.16 percentage points from overall growth. That was the category’s fifth-straight decline and the largest drag from inventories in two years. Weak business investment could suggest firms don’t have confidence in the global economy.” (Eric Morath and Jeffrey Sparshott, “U.S. Economy Grew At A Disappointing 1.2% In 2nd Quarter,” The Wall Street Journal, 7/29/16)

Private Fixed Investment “Dropped At A 3.2 Percent Pace In The Second Quarter, The Most In Seven Years.” “Private fixed investment, which includes residential and business spending, dropped at a 3.2 percent pace in the second quarter, the most in seven years.” (Shobhana Chandra, “U.S. Economy Grew A Less Than Forecast 1.2 % In Second Quarter,” Bloomberg , 7/29/16)

Business Spending On Investments Such As “Equipment, Structures, And Intellectual Property” Fell For The Second Quarter In A Row, Continuing A Poor Trend. “Corporate spending on equipment, structures and intellectual property, decreased an annualized 2.2 percent after a 3.4 percent fall in the first quarter. Outlays for equipment dropped for the fourth quarter in the last five. Spending on structures — everything from factories to shops to oil rigs — have increased in just one quarter since the end of 2014.” (Shobhana Chandra, “U.S. Economy Grew A Less Than Forecast 1.2 % In Second Quarter,” Bloomberg , 7/29/16)


Republished from GOP.com. CLICK HERE to read the original.


 

This content is published under the Attribution-Noncommercial-Share Alike 3.0 Unported license. Please honor attribution.

Leave a Reply

Your email address will not be published.