Economy expected to grow in 3Q, heralding recover (Bookmark this)

AP via Breitbart ^ | October 28, 2009 | By JEANNINE AVERSA

[Jet Jaguar]

The government issues its first estimate of gross domestic product for the third quarter Thursday, and it's expected to validate the belief that the Great Recession is over.

Many analysts expect the economy returned to growth in the July-September quarter, expanding at a pace of 3.3 percent. If they are right, it would end the streak of four straight quarters of contraction, the first time that's happened on records dating to 1947.

But while the economy appears back on its feet, millions are still suffering. The big question: Will it still be standing after government supports are gone?

A turnaround would be the strongest signal yet that the economy has entered a new, fragile phase of recovery and that the recession, which started in December 2007, has ended.

The third-quarter growth rate forecast by Thomson Reuters would be the best showing since a 3.6 percent pace logged in the third quarter of 2007.

Feeding the rebound: hefty sales of cars and homes spurred by government support programs.

"It's good to have the economy growing again, we'll take it. But we don't think that rate of growth is sustainable because it is distorted by all the government stimulus," said Brian Bethune, economist at IHS Global Insight. "The challenge here is to get organic growth—growth that isn't helped by fiscal steroids."

[Jet Jaguar]

I hope the economy can recover. Obama seems to stifle it at every turn.

[668 - Neighbor of the Beast]

There’s a lady on F&F right now...Dagen McDowell...saying the claim is BS and the recession cannot be declared “over.”

[Red in Blue PA]

If it doesn't recover, no doubt it will be "unexpected"

[Le Chien Rouge]

The holiday seasons will determine whether or not the economy is growing.

From what I see here in the trucking industry, very little is being shipped to stores and all signs point to a very ugly 4th quarter.

[wolfpat]

I’d bet it won’t recover. But we’ll never know given the democRATS propensity for not telling the truth in their economic reports. (Remember Clinton’s glowing reports when the economy was steadily falling?)

[Jet Jaguar]

Saw this right after I posted it.

I looked up and said to myself, “Self, remember this moment.”

I hope I am wrong.

[ClearCase_guy]

Indeed. It seems to me that for the past 3 or 4 months (at least!) all of the economic news as been "unexpectedly" bad.

But now they expect all that bad stuff to add up and equal something good. I don' thin' so.

[RU88]

Tell that to the guy who has lost his job, home, and life savings. I say BS on this.

[algernonpj]

"Due to a lack of good-quality hard data, the "advance" GDP report is little more than a guesstimate. The BEA comes up with three estimates of growth, a high, low, and most likely. The numbers then get re-massaged so that the reported growth rate is moved closer to whatever the economic consensus is expecting. There actually is a belief at the BEA that there is some value to economic consensus estimates.[2]"

From: Primer on GDP

Sounds like the concensus on man made global warming.

[Jet Jaguar]

We will see.