The Left was preparing to re-run the Summer of Recovery to boost their electoral chances this fall. The fourth quarter GDP was not horrible, but not great either. All of the usual suspects had convinced themselves that the economy was finally getting off the mat and headed for a boom. Unemployment claims we slowing and the number of posted jobs was increasing. Happy days were here again!
The U.S. economy slowed drastically in the first three months of the year as a harsh winter exacted a toll on business activity. The slowdown, while worse than expected, is likely to be temporary as growth rebounds with warmer weather.
Growth slowed to a barely discernible 0.1 percent annual rate in the January-March quarter, the Commerce Department said Wednesday. That was the weakest pace since the end of 2012 and was down from a 2.6 percent rate in the previous quarter.
Many economists said the government’s first estimate of growth in the January-March quarter was skewed by weak figures early in the quarter. They noted that several sectors — from retail sales to manufacturing output — rebounded in March. That strength should provide momentum for the rest of the year.
That’s right, the weather. It is usually sunny and warm in winter but for some strange reason it was cold this winter. That’s why everyone stopped doing stuff.
And on Friday, economists expect the government to report a solid 200,000-plus job gain for April.
America adds about 2 million people to the adult population each year, after accounting for deaths and immigration. That means the job market has to grow accordingly. Adding 200,000 jobs a month is treading water. That’s why this graph never gets on TV:
But hey, why not bring in another twenty or thirty million Latino peasants to do the jobs Americans won’t do? That’s fix this stagnant economy!