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Fourth Quarter GDP Revised, Econ. Grew By — 0.1 Percent?

Feb. 28, 2013 8:56am

Good news, everyone!

Fourth quarter gross domestic product (GDP), the total output of goods and services in the U.S., has been revised to reflect that, rather than a contraction of 0.01 percent, the economy grew by 0.1 percent!

Yeah.

“The Commerce Department’s revision to fourth-quarter growth was only slightly better than its initial estimate that the economy shrank at a rate of 0.1 percent,” the Associated Press notes.

“The revision to the fourth-quarter gross domestic product was due to higher exports and more business investment,” the report adds.

Consumer spending and business investment, which drove the 0.1 percent improvement, were stronger in Q4 than originally estimated, according to the revised data.

Still, from “-0.1% to +0.1% (on expectations of a 0.5% print): the Q4 GDP revision was the smallest possible to make it seem that the US economy grew in the fourth quarter,” Zero Hedge notes.

“A quick look at the components, however, reveals more of the same, with a small drop in the consumption contribution to GDP (from 1.52% to 1.47%), Fixed investment growing modestly, as well as imports, while the negative components remained roughly in line, with Inventories detracting the most from growth in Q4, or 1.55%.”

“If JCP is any indication, expectations of aggressive inventory restocking in Q1 may be very optimistic,” the report adds.

Q4 GDP Didnt Contract, It Grew By 0.1 Percent!

ZH

“One thing is clear,” they add, “the general GDP trendline is ugly, and we may now see downward revisions to Q1 growth forecasts in the aftermath of today’s number.”

–

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Front page photo courtesy Getty Images.

An earlier version of this article incorrectly stated that GDP grew by 0.01 percent. This is false. It grew by 0.1 percent. There’s a huge difference and I apologize for that rogue zero.

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Comments (46)

1 2
  • Shasta
    Posted on February 28, 2013 at 3:03pm

    Being that the definition of a recession is two consecutive quarters of negative growth, it is not too surprising that OBlamo ordered this small change in the official government numbers.

    Report this comment

    Shasta  
    • NoSleeper
      Posted on March 1, 2013 at 6:16am

      Bingo!

      “If you beat the data long enough it will tell you whatever you want to hear.”

      Report this comment

      NoSleeper  
    • k9tp
      Posted on March 1, 2013 at 5:09pm

      And of course the Sequester will be blamed for the next 9 quarters of no or slow growth….

      Report this comment

      k9tp  
  • TRILO
    Posted on February 28, 2013 at 12:22pm

    I’m sure the rigged stock market will rally on this great news. Unemployment is down too so our government tells us everything is turning around and getting better.

    Hey Washington DC I have a beautiful lake in the Mojave Oasis to sell you too.

    Report this comment

    TRILO  
  • hatchetjob
    Posted on February 28, 2013 at 12:18pm

    Wow, that’s great news, I’m so relieved. No more recovery. Our country has a clean bill of health! NOT!

    Report this comment

    hatchetjob  
  • GuruMeditation
    Posted on February 28, 2013 at 12:13pm

    and this is worth mentioning?

    Report this comment

    GuruMeditation  
  • michael48
    Posted on February 28, 2013 at 12:13pm

    yep…indeed, and the sun will rise in the west…oBlamo EO 1103…now for infrastruture…you know , my new swing set….btw…did I tell you how much I LOVE ME…

    Report this comment

    michael48  
  • lfoa
    Posted on February 28, 2013 at 11:30am

    So long sad times
    Go along bad times
    We are rid of you at last
    Howdy gay times
    Cloudy gray times
    You are now a thing of the past
    Happy days are here again
    The skies above are clear again
    So let’s sing a song of cheer again
    Happy days are here again
    Altogether shout it now
    There’s no one
    Who can doubt it now
    So let’s tell the world about it now
    Happy days are here again
    Your cares and troubles are gone
    There’ll be no more from now on
    From now on…
    Happy days are here again
    The skies above are clear again
    So, Let’s sing a song of cheer again
    Happy times
    Happy nights
    Happy days
    Are here again!

    Report this comment

    lfoa  
  • sbenard
    Posted on February 28, 2013 at 11:12am

    Historically, at the onset of recession, it is common for GDP to be revised DOWNWARD over a period of several months following the first estimate. Don’t be surprised if future revisions are downgraded to as much as -2.5% (negative). Unless they (continue) to doctor the data, of course! If they do that, a negative initial estimate might just be revised UPWARD to make it positive! Come to think of it, that’s just what they did!

    Report this comment

    sbenard  
  • TimKan7719
    Posted on February 28, 2013 at 11:09am

    I dont care if it was 0.1, 0.01, or 0.001, or 0.0001. We can talk about a tenth, hundredth, thousandth, millionth or what ever place you wish to put it in. The zero in front tells me what i already knew nothing new here the nation is stagnant. As a drill seargent once told me we are moving like pond water. The bad days are comming. I just hope I dont get stuck over seas, when the Fit hits the san. Cause I have been fighing for my country for 16 years and I would hate to be left out of the second revolution.

    Report this comment

    TimKan7719  
  • RaydocX
    Posted on February 28, 2013 at 10:29am

    When the people in charge of evaluating things and offering information choose to behave like soviet bureaucrats and climate scientists, they not only damage the ability of leaders to respond appropriately to wat is needed, they lose the public trust, and may as well be relieved by those who they are protecting before a conscience leads to the publication of the real facts.

    Sadly, this feels very like soviet communist ‘leaderhip’ that bankrupt that nation just 20 odd years ago.
    What happens to the ‘lower class’ Obama is intentionally creating/expanding when even the overtaxation of ALL working Americans is not enough?

    Report this comment

    RaydocX  
  • fastfacts
    Posted on February 28, 2013 at 10:18am

    Very little of America believes in this economy and the administration that is controlling it. They are worried that the US will go back into recession and we just skirted it today, or did they inflate it to do so. No one is talking about it but remember that last quarter was subpar. When will America finally wise up that the Administration and Congress is going to backrupt us.

    Look at this report that we add $37,000 to our debt every second: http://www.thedailycandidate.com/video/2013/feb/37k_second_debt.html

    WISE UP…

    Report this comment

    fastfacts  
  • glegakis
    Posted on February 28, 2013 at 10:03am

    .1 not. 01 according to my sources.

    Report this comment

    glegakis  
  • Tlc3Terry
    Posted on February 28, 2013 at 10:01am

    Hey guys your looking at it all wrong!

    They had to revise thatnumber up because this quarter is going to be in the negative so they cant have us in another recession! Come on people you really think this bunch wouldnt change a couple numbers around to not have us in another recession?
    Yeah and I have a bridge to sell you in Brooklyn tooo!
    These books are so cooked its not even funny!!!

    Report this comment

    Tlc3Terry  
  • NigelTufnel
    Posted on February 28, 2013 at 9:51am

    This is more about getting this number into the black than anything. Two straight quarters of negative growth is the formal definition of a recession. I think they are worried about 2013′s first quarter gdp number. If it comes in at -.3% they can now rest assured that we cannot call it a recession. The origional number for the 4th quarter was -.4%. I have never in my life seen the GDP number represented as a figure to the 1/100th of a percent. Gotta hand it to the Obama camp. They are breaking new ground. My guess is that the first quarter gdp number will be represented as +.05% growth. The media will be like….”Look at that marvelous number….a whole 4 points above last quarter!”. I can’t wait for my kids to come home and say, “My actual science grade was 92.45%. Last quarter it was 92.3%. Now give me my raise in allowance!”. The response should be” ok…gdp grew by .04%. Here’s your .02% increase in spending.”

    Report this comment

    NigelTufnel  
    • showmerancher
      Posted on February 28, 2013 at 10:04am

      Those were EXACTLY my thoughts as I first scanned the story.

      Report this comment

      showmerancher  
    • Outlaw_Josey_Wales
      Posted on February 28, 2013 at 10:19am

      The government is doing the same thing with the unemployment numbers, U3 is 10 – 11% and U6 is 14- 17%. Manipulating the numbers will work for a while, the day will come, when the United States economy collapses like a house of cards.

      Report this comment

      Outlaw_Josey_Wales  
  • FlagWavingPatriot
    Posted on February 28, 2013 at 9:43am

    China’s economy has been slowing, too. They’ve fallen back to *only* 7% growth.

    Heckuva job, Barry. Your plans are working.

    Report this comment

    FlagWavingPatriot  
    • Cavallo
      Posted on February 28, 2013 at 10:16am

      The Chinese are becoming more free than the US. Several businesses have talked about how much more free it is to do business and make a living in China than the United States.

      Report this comment

      Cavallo  
    • NigelTufnel
      Posted on February 28, 2013 at 10:36am

      Ah but in December, Obama’s buddy Jeffery Imelt said ,”7% growth like in China was bad. 3% growth is better.” I’m not making this up. He said it.

      Report this comment

      NigelTufnel  
  • TheWhiteFalcon
    Posted on February 28, 2013 at 9:41am

    Finally, a return to normalcy! The Dear Leader has saved the economy!

    Report this comment

    TheWhiteFalcon  
  • bikerdogred1
    Posted on February 28, 2013 at 9:41am

    Someone please tell me what good has obama,done for the country.

    Report this comment

    bikerdogred1  
    • FLOWNOVERandFORGOTTEN
      Posted on February 28, 2013 at 9:50am

      He brought about the new post racial America. Yeah! Oh wait, race relations are worse than ever and getting worse every day. Sorry, I got nothing.

      Report this comment

      FLOWNOVERandFORGOTTEN  
    • huey6367
      Posted on February 28, 2013 at 9:51am

      He has divided the country along social, economic and racial lines. That’s good, right?

      Report this comment

      huey6367  
  • FLOWNOVERandFORGOTTEN
    Posted on February 28, 2013 at 9:35am

    Can you feel it too? Everything is just fine now. I’m gonna super size my dollar meal today at Micky D’s to celebrate. Thank you Ben and Barry, This is freaking great!!

    Report this comment

    FLOWNOVERandFORGOTTEN  
  • The-Monk
    Posted on February 28, 2013 at 9:23am

    I have a feeling that progressives were thrilled with the headline and upset with the story…

    Story; “…the economy grew by 0.01 percent!”

    Headline; “…Econ. Grew By — 0.01 Percent”

    See the difference?

    Report this comment

    The-Monk  
  • RJJinGadsden
    Posted on February 28, 2013 at 9:17am

    Okay, read again the title. This is REVISED. The fourth quarter is higher every year in general because of Christmas primarily and the higher spending of the season. Well Duh!

    Report this comment

    RJJinGadsden  
    • Cavallo
      Posted on February 28, 2013 at 9:35am

      The highest spending quarter of the year gave us… .01 of a percent.

      Still the new normal. High unemployment, High regulation, High Taxes, Low Freedom, Low Liberty, Lower Standard of Living… Yay for Bobo the Wonder Marxist, our Dear Leader and King. The table scraps he throws his supporters must taste so good.

      Report this comment

      Cavallo  
    • Zipit
      Posted on February 28, 2013 at 10:02am

      Revised to .01, OH JOY! I’m thinking,,,,,, probably little Timmy Geitners last hoorah/accounting gimmick!!!!!

      Report this comment

      Zipit  
  • Snowleopard {gallery of cat folks}
    Posted on February 28, 2013 at 9:11am

    When will people finally wake up and see the destruction Obama and the Democrats are doing to the economy? When will they finally see and understand?

    Report this comment

    Snowleopard {gallery of cat folks}  
  • Outlaw_Josey_Wales
    Posted on February 28, 2013 at 9:07am

    Who’s the Chicago accountant that came up with .01% growth?

    Report this comment

    Outlaw_Josey_Wales  
  • progressiveslayer
    Posted on February 28, 2013 at 9:04am

    Happy days are here again!

    Report this comment

    progressiveslayer  
  • huey6367
    Posted on February 28, 2013 at 9:01am

    0.01% is not growth.

    Report this comment

    huey6367  
  • Gonzo
    Posted on February 28, 2013 at 9:01am

    Well this changes everything! I’m going to buy that new car now!

    Report this comment

    Gonzo  
  • galaxie_man
    Posted on February 28, 2013 at 9:00am

    Woo Hoo!!! We are on our way to recovery!

    Pathetic

    Report this comment

    galaxie_man  
1 2

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