“The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggests other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.
The difference between the second and third estimates was the largest on records going back to 1976, the Commerce Department said. Economists had expected growth to be revised to show it contracting at a 1.7 percent rate.”
Based on the poor tract record of the government and the economists it is hard to belief their optimistic reports for the second quarter. Obama’s Marxist/Progressive policies have the world in total chaos. It looks like the United States economy is going from bad to worse. Yet we have even more economic destroying policies just starting to take affect; this would be Obamacare and the environmental policies driving up energy costs for all.