GDP negative? who cares! US had a high inflation and a real cold winter this year so the negative GDP figures doesn't mean anything. ever heard of "negative growth"? lolz btw: I had to! bought now some saltwater crocodiles 1oz. for $21.05 per coin from my new favorite dealer in estonia. great!
WASHINGTON (MarketWatch) - The U.S. economy contracted by 1% in the first quarter to mark the biggest decline in three years, hampered by harsh winter weather that disrupted business operations and construction on residential and commercial properties, according to newly revised government figures. Initially the Commerce Department had reported last month that gross domestic product rose at an annual 0.1% pace in the first three months of 2014. The decline in first-quarter growth mainly stemmed from lower investment, especially in new housing, offices and plants. Business investment in structures was revised to show a sharp 7.5% drop instead of a small 0.2% gain. Residential investment fell by 5%. Companies also restocked warehouses at a much slower pace. The increase in inventories, which adds to GDP, was slashed to $49 billion from an originally reported $87.4 billion. Inventories had grown by more than $100 billion in each of the last two quarters of 2013. Adjusted corporate profits, meanwhile, sank by 9.8% in the first quarter, the biggest decline in almost six years. Profits had set a new record in the fourth quarter, however. U.S. exports fell 6% while imports actually rose 0.7% instead of falling by 1.4%. Softer net exports also subtracted from first-quarter growth. Consumer spending climbed 3.1%, a tick higher than previously reported. Inflation as measured by the PCE index rose at a 1.4% annual pace, or by 1.2% excluding food and energy, little changed from the preliminary estimate.
AND durable goods is in reality also on the dark side: April durable goods orders were up by an unexpected 0.8%. Well, yes they were: The US Navy inked a gigantic $18 billion order for 10 new nuclear-powered attack submarines during the month. Consequently, the actual 0.8% decline in industrial orders was transformed into a swell “upside” surprise..
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