This bad (click to embiggen):
GDP Disaster: Final Q1 GDP Crashes To -2.9%, Worst Since 2009 Far Below The Worst Expectations http://t.co/mUd91DZrdA pic.twitter.com/NhtywQBpW4
— zerohedge (@zerohedge) June 25, 2014
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Department’s third reading released Wednesday. That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.
Just about every sector was down:
GDP broken down by components: aside for the collapse in PCE, everything was negative in Q1 pic.twitter.com/zuikiCaHkV
— zerohedge (@zerohedge) June 25, 2014
My takeaway is that ObamaCare has been twice as bad for the economy as the subprime meltdown.
