Archive for gross domestic product

Chart: Economic growth exceeds expectations

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blame Obama 2

No thanks to the GOP. Via a Fox Biz email alert:

A report from payroll processor ADP shows the U.S. private sector tacked on 200,000 jobs in July, beating expectations of 180,000.

maddow blog chart growth exceeds expectations

Via Steve Benen at The Maddow Blog, where there is more info:

Of course, this morning's report would have shown GDP growth over 2% had it not been for reductions in government spending, mandated by conservative policymakers who believe the recovery will be stronger if they weaken it by taking capital out of the economy. The caveat to this is that conservative austerity measures at the state and local levels appears to have come to an end, which helps mitigate the deliberate damage done by congressional Republicans.

Incidentally, this is also the report that revises previous GDP estimates, and it now appears the economy grew at a 2.8% annual rate in 2012, up from the previous 2.2% estimate.

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CHART-- Memo to GOP: Spending cuts SHRINK the economy, undermine growth. Oh, and the U.S. added jobs in January.

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shrinkage smaller

chart spending cuts shrink economy

Via Steve Benen at The Maddow Blog.
The red columns show the economy under the Bush administration; the blue columns show the economy under the Obama administration.

For the first time in years we're seeing a slight contraction in economic growth. Here is an email alert from the New York Times from this morning:

The United States economy contracted unexpectedly in the final quarter of 2012, hurt by weaker exports, a drop in military spending and a slower buildup in inventories.

The Commerce Department said Wednesday that economic output in the quarter fell at an annual rate of 0.1 percent, compared with growth at a 3.1 percent pace in the third quarter.

READ MORE: http://www.nytimes.com/2013/01/31/business/economy/us-economy-unexpectedly-contracted-in-fourth-quarter.html?emc=na

Now before everyone panics, Steve Benen at the Maddow Blog notes that this is not necessarily evidence of a new recession, and on the whole, the report really isn't that bad.

But that won't stop Republicans from playing the Blame Obama game. Did I mention that, per a Fox Business email alert, the ADP National Employment Report shows the U.S. private sector added 192,000 jobs in January, topping estimates of 165,000?

Via Benen:

I realize the right doesn't want to hear or believe this, but when Washington spends far less -- in this case, the cuts focused on defense -- it takes capital out of the economy and undermines growth. It is, as a practical matter, a form of austerity, which hits the brakes on the economy. This is Economics 101 and yet Republicans continue to insist that it is the only policy they really care about.

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