The Economy: Don’t Look Now, But . . – Power Line Blog
News has just crossed the wire this morning that the economy contracted at an annual rate of 1 percent during the first quarter of this year. Many people will probably point to the brutal winter weather as a factor, though the Dept. of Commerce fingers “negative contributions from private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment,” and notes that consumer spending was actually up slightly during the quarter.
I’m sure the White House will tell us today not to worry—a “recovery summer,” the sixth in a row now, is on its way.
Remain calm. Return to your homes. Don’t stare at the economy. Nothing to see here. All his well.