Unexpected! GDP Plunges to Pitiful 2.2%

Posted by on Apr 27, 2012 at 8:43 am

Can we still blame Bush or has the statute of limitations set in yet?

U.S. economic growth cooled in the first quarter as businesses cut back on investment and restocked shelves at a moderate pace, but stronger demand for automobiles softened the blow.

Gross domestic product expanded at a 2.2 percent annual rate, the Commerce Department said on Friday in its advance estimate, moderating from the fourth quarter’s 3 percent rate.

While that was below economists’ expectations for a 2.5 percent pace, a surge in consumer spending took some of the sting from the report. However, growth was still stronger than analysts’ predictions early in the quarter for an expansion below 1.5 percent.

So it was below expectations but still stronger than the predictions. Sure, keep believing that.

You know what this story needs? A reminder of how cool Obama is.

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