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More Bad News For Obamanomics

RNC Communications - May 31, 2012

GDP Expanded At A “Snail’s Pace” In The First Quarter

GDP Expanded At 1.9 Percent In The First Quarter, Lower Than The Estimated 2.2 Percent. “The Commerce Department reported that Gross Domestic Product expanded at a 1.9 percent annualized rate in the first quarter, down from its initial estimate of 2.2 percent and much slower than the 3.0 percent pace clocked in the fourth quarter of last year. The report also showed that after-tax corporate profits dropped for the first time in three years.” (“US Economy Grew Sluggishly In The First Quarter,” MSNBC, 5/31/12)

  • “The U.S. Economy Expanded At A Snail's Pace In The First Quarter.” “The U.S. economy expanded at a snail's pace in the first quarter, hobbled by weak spending at the federal, state and local levels, government data showed Thursday.” (“US Economy Grew Sluggishly In The First Quarter,” MSNBC, 5/31/12)

“The Nation's Economy Grew At A Slower Pace Than Previously Reported.” “The nation's economy grew at a slower pace than previously reported in the first three months of this year, raising new concerns about economic weakness.” (Chris Isidore, “U.S. Growth Rate Lowered,” CNN Money, 5/31/12)

“The Current Growth Rate Is Widely Considered To Be Weak.” “The current growth rate is widely considered to be weak. A growth rate of about 3% is what economists typically expect will lead employers to engage in the kind of significant hiring needed to make a dent in unemployment.” (Chris Isidore, “U.S. Growth Rate Lowered,” CNN Money, 5/31/12)

Unemployment Filings Increased To A Five-Week High

“The Number Of Americans Seeking Unemployment Benefits Rose Last Week To A Five-Week High, Evidence That The Job Market Remains Sluggish.” (Christopher Rugaber, “US Filings For Unemployment Aid At A 5-Week High,” The Associated Press, 5/31/12)

  • “Economists Were Disappointed By The Data.” “Economists were disappointed by the data, particularly when coupled with a separate report Thursday that showed only modest hiring by private businesses in May.” (Christopher Rugaber, “US Filings For Unemployment Aid At A 5-Week High,” The Associated Press, 5/31/12)

“‘The Jobs Data Were Not Reassuring Ahead Of Tomorrow's ... Report,’ Said Jennifer Lee, An Economist At BMO Capital Markets.” (Christopher Rugaber, “US Filings For Unemployment Aid At A 5-Week High,” The Associated Press, 5/31/12)


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