GDP actually contracted in the first quarter?

One more negative quarter and we will be back in a recession.

Via WSJ:

A couple weeks ago, the Commerce Department said U.S. economic output expanded at a seasonally adjusted annual rate of 0.1% in the first three months of the year. A near-stall for the economy, for sure, but at least it wasn’t worse.
That initial estimate was the government’s best guess, using the data available at the time. Based on more up-to-date figures, including the March trade data released last week, private forecasters now expect gross domestic product contracted in the first quarter for the first time in three years.[...[
Incorporating the new data, J.P. Morgan ChaseJPM -0.05% on Tuesday estimated GDP contracted at a 0.8% rate in the first quarter. Macroeconomic Advisers put the contraction at 0.7%. Barclays Capital predicted a 0.6% decline. Pierpont Securitiesestimated output fell at a 0.4% rate. Action Economics estimated a 0.2% decline.

Unlikely: White House claims immigration reform would result in a 5.4 percent growth in GDP

Don't believe it. The White House has proven they have no idea how to improve the economy.

Via Washington Examiner:

A fight has erupted over the costs of granting amnesty to the estimated 11 million illegal immigrants in America, with the White House claiming the cash benefits to the Treasury are huge and will slash the deficit, and critics showing it will cost Americans more and increase the deficit.
The White House late Thursday dispatched an email to President Obama’s campaign supporters that provided a video claiming that immigration reform will result in a 5.4 percent growth in GDP as “highly skilled” workers and “entrepreneurs” add to the country’s economic base. No mention was made of low-skilled workers, the bulk of illegal immigrants in the country.
“Here’s one of the best things about immigration reform: It’s going to make our economy a lot stronger,” said the White House. “Not enough people are talking about the economic benefits of immigration reform, but it’s exactly the conversation that will help us win the national debate on this issue.”
Keep on reading…

Economic Fail: First quarter GDP revised down to a pitiful 1.8%...

www.ksat.com 

This isn't the recovery Americans were hoping for. 

NEW YORK (CNNMoney) — Uh-oh. The U.S. economy suddenly looks weaker, after the government revised its data for the first quarter.
Gross domestic product — the broadest measure of economic activity — rose at a mere 1.8% annual pace between January and March, marking a sharp downward revision from the 2.4% pace reported by the Commerce Department last month.
The government revises its GDP figures several times, but economists weren’t expecting such a dramatic change from the third estimate.
“This was certainly unexpected and, I believe, rare,” said Jennifer Lee, senior economist with BMO Capital Markets, referring to the revision.
The weaker figures came primarily from revisions to consumer spending, exports and commercial real estate.

The U.S. economy recovery is stalling out

Growth has decreased to only 1.5%. Anything below 2% won't lower the unemployment rate...

WASHINGTON (AP) – The U.S. economy grew at an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The slowdown in growth adds to worries that the economy could be stalling three years after the recession ended.

The Commerce Department also said Friday that the economy grew a little better than previously thought in the January-March quarter. It raised its estimate to a 2 percent rate, up from 1.9 percent.

Growth at or below 2 percent isn’t enough to lower the unemployment rate, which was 8.2 percent last month. And most economists don’t expect growth to pick up much in the second half of the year. Europe’s financial crisis and a looming budget crisis in the U.S. are expected to slow business investment further.

Obama has been 100 days of disaster

Here are the charts and numbers from the Gateway Pundit:

U.S. GDP Growth


U.S. Unemployment


Federal spending

And the Federal deficit


I doubt America can survive four more years of this.