Biden's America: U.S. economy slows to ‘near standstill’

[Counselor706]

Economic growth in the United States slowed sharply in the first weeks of the year due to supply chain disruptions, high prices, and labor shortages linked to the surge in Covid-19 infections, according to data from a purchasing managers survey released Monday.

The U.S. IHS Markit flash composite purchasing managers index, one of the first comprehensive looks at economic growth this year, fell to 50.8 in January from 57.0 in December, severely undershooting expectations and signaling almost no growth in the economy. Economists had forecast a reading of 56.7.

"Soaring virus cases have brought the U.S. economy to a near standstill at the start of the year, with businesses disrupted by worsening supply-chain delays and staff shortages, with new restrictions to control the spread of Omicron adding to firms’ headwinds,” said Chris Williamson, chief business economist at IHS Markit.

Source

 

[ll74]

Our GDP must be completely zero.......or something

 

[Bud_Spencer]

Our GDP must be completely zero.......or something

Joe learned at the knee of another economy-strangler: Obama. Add in a host of covid-related measures, all of them inefective, and you have the recipe for a collapsed economy.

 

[ll74]

Joe learned at the knee of another economy-strangler: Obama. Add in a host of covid-related measures, all of them inefective, and you have the recipe for a collapsed economy.

Wonder what the GDP was under Obama at the end of his terms...probably negative numbers.....or something...

Definitely not anywhere close to the previous administration.....or something

https://www.yahoo.com/now/gdp-growth-under-trump-compares-121008953.html

 

[pecksniff]

Joe learned at the knee of another economy-strangler: Obama.

The booming economy we had 2017-2018 was all Obama's doing. You won't find any reputable economist who can name anything Trump did that lowered the jobless rate.

 

[Bud_Spencer]

The booming economy we had 2017-2018 was all Obama's doing. You won't find any reputable economist who can name anything Trump did that lowered the jobless rate.

Uh huh. It just took eight years and a change in Presidents for it to come out.

 

[ll74]

Our GDP is suffocating under all this.....

https://www.businessinsider.com/us-...recovery-coronavirus-recession-rebound-2022-1

On an annual basis, the US economy grew 5.7% last year. That's the largest one-year expansion since 1984.

 

[ShyBiGuy954]

https://64.media.tumblr.com/0aab9ea1becb7aec6a0ec5bd0428b652/ac5354559a5c029c-bb/s1280x1920/d5f7419eb9aa9836d329f56184318a0eb581aa5d.jpg

 

[ShyBiGuy954]

https://64.media.tumblr.com/bb79ab1d0c26d751340678c74f033cab/4ebaf2d3feff5359-af/s640x960/08a804108a48d569566b6200268620063aef688b.jpg

 

[ll74]

US GDP - Q4 2021 - 5.7%

China GDP Q4 2021 - 4%

C'mon man...didn't the check make it into your account, Joe?

 

[pecksniff]

Uh huh. It just took eight years and a change in Presidents for it to come out.

Well, duh! To the limited extent anything a presidential administration does affects the economy, it always takes time. And recovery from the 2008 recession was already well under way when Obama left office -- and that would have happened much sooner, if Congress had approved the stimulus package he initially asked for instead of something half the size.