US Economy Contracts in First Quarter of 2014

BBC News – US economy contracted in first quarter of 2014

The US economy shifted into reverse gear in the first three months of 2014 shrinking by an annualised rate of 1%, official estimates have shown.

It is the worst economic performance since the first quarter of 2011.

It is also a big fall on the 2.6% rise in economic output in the final quarter of last year.

If these are “official” US estimates, you can imagine by how much more the US economy really contracted.

Obama blames it on the weather.

Obamism doesn’t seem to be working.

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