Skip to comments.U.S. Economy Grows 3.2% in 4Q
Posted on 01/30/2014 6:02:24 AM PST by mykroar
Robust household spending and rising exports kept the U.S. economy on solid ground in the fourth quarter, but stagnant wages could chip away some of the momentum in early 2014.
Gross domestic product grew at a 3.2 percent annual rate, the Commerce Department said on Thursday, in line with expectations.
While that was a slowdown from the third-quarter's brisk 4.1 percent pace, it was a far stronger performance than earlier anticipated and was welcome news in light of a 0.3 percentage point drag from October's partial government shutdown and a much smaller contribution to growth from a restocking by businesses.
Earlier in the quarter many economists were anticipating a growth pace below 2 percent given that an inventory surge accounted for much of the increase in the July-September period.
(Excerpt) Read more at foxbusiness.com ...
You can't make this stuff up. And how is this at all grounded in reality. I see a lot of business closures where I'm at and few, if any, new ones opening.
Any .3% drag from a partial government shutdown was more than made up for with a stimulus from the sales of barrycades and government hiring of extra security personnel.
So, the quarter WITH the government shut-down has the best numbers in 6 years, yet it is to BLAME for not being 0.03% higher??
How can anyone believe any numbers coming out of this government?
They already admitted they messed with the unemployment numbers to skew the election.
And the ravages of ObamaCare on stretched household budgets aren’t even mentioned as the skunk at this year’s economic party? These people have no clue.
Is this the new accounting gimmicks instituted that takes in everything but the kitchen sink now? I don’t believe a damned thing coming out of this government. The daily evidence of a horrible economy is just too evident. If anything, it’s getting worse now with ObamaCare.
Inflation is deducted from the GDP. If the inflation figures were reasonably accurate (instead of completely fabricated) we would have a negative GDP. Because that is the reality of our economy. It is shrinking, not growing.
This is so eerily reminiscent of the soviet’s domestic propaganda in the 60s.
There was a “government shutdown” and a cutback on foodstamps.People were threatend with the end of endless unemployment benefits. The economy improved. Kind of says it all about big brothers effect on the economy, doesn’t it?
Fine. Let’s continue to reduce QE and see what happens with the stock market.
A rise in govt spending offsets a decrease in economic activity. Govt deficit spending (aka increase of national debt) is counted as positive GDP output. It’s like a business taking out a loan and counting it as revenue in their shareholder report.
The real mystery is why they didn't claim that the economy grew by 32%. Then two weeks later they could quietly issue a statement saying it might have been 3.2 and not 32.
If this is even remotely true it is very...unexpected.
More BLS BS in fun-with-numbers:
UE jumps. 330,000 expected; 348,000 new claims.
The weekly number also includes the Monday holiday for MLK Day.
If only this news came out before Soetoro's STFU speech.
Wait. Is this the revised number or is this the number to-be-revised after Preezy Pajama Boy is done gallivanting around the country extolling the number?
Anyone believe anything that comes out of this administration is insane.
Obammy and company are f-ing LIARS.
Yeah, right. Like I would believe anything coming from the Obama regime Leftists.
Help the president lead the nation.
The Presidential Appointments Project, led by the Gay & Lesbian Victory Institute, serves as a talent bank for openly LGBT professionals seeking opportunities to improve our federal government’s policies and processes.
President Obama Names Transgender Appointee to Commerce Department
President Obama recently named Amanda Simpson to be a Senior Technical Advisor to the Commerce Department.
LGBT Appointments in the Obama-Biden Administration
To date, the Obama-Biden Administration has appointed more than 250 openly LGBT professionals to full-time and advisory positions in the executive branch; more than all known LGBT appointments of other presidential administrations combined.
Department of Commerce
Michael Camuñez* Assistant Secretary, Market Access and Compliance
Lyle Canceko Director of Outreach and Strategic Initiatives, Office of the Secretary
Gary Gates Member, Census Scientific Advisory Committee
David Mills* Assistant Secretary, Export Enforcement
Paulina Montanez-Montes Confidential Assistant, Office of the Secretary
Peter Pappas Chief of Staff, U.S. Patent and Trademark Office
Ryan Rhodes Special Advisor, International Trade Administration
Jim Stowers Deputy Assistant Secretary for Legislative and Intergovernmental Affairs
Benjamin Walther Member, International Convention for the Conservation of Atlantic Tuna Technical Advisory Committee, National Oceanographic and Atmospheric Administration
Al Boudlin Member, Environmental Technologies Trade Advisory Committee, International Trade Administration
John Connor Director, Office of White House Liaison
Reminds me of that youtube video where this guy bought every single share of a company to make the point that there are counterfeit shares of companies out there. Sure enough, when he had accumulated the number of shares the company said there were in existence, people were still buying and selling shares on the stock exchange.
Our system is so broken that it takes a slap in the face for people to grasp just how broken it is. Once faith runs out it is done.
They HAVE to be making this up. I know it’s only anecdotal, but personally, grocery prices are up. I have to use coupons, cut out luxuries (as if I already haven’t), gas bounces around, never know what it’ll be, so we don’t drive anywhere. I know we’re not spending more than we should. Bare minimums, and I know so many other people, the same story, just trying to make ends meet. I see gov’t related people with a little more, maybe that explains the numbers. I just... don’t believe this for one frackin’ minute!
U.S. Jobless Claims Climb 19,000 To 348,000
By Jeffry Bartash
Published January 30, 2014
WASHINGTON The number of people who applied for U.S. unemployment benefits rose by 19,000 to 348,000 in the seven days ended Jan. 25, marking the highest level in six weeks
The headline is false; the story has it right.
The economy didn’t grow 3.2% in the 4th quarter; it grew at the rate of 3.2%/year in the 4th quarter.
Except it didn’t, for all the reasons that have been pointed out.
They are reinflating the housing bubble with a new liar loan and other programs. That will cause some “growth” in the short term as that phony baloney real estate money hits the middle class economy.
“Activity” continues to grow in Washington-DC Fairfax, which is why PRICES paid for essentials never really fall.
Furthermore, when the next report comes out, of the negative economy (already showing up with the falling stock market), it will be blamed on the “unusual” cold January causing a slowdown in consumer activity.
All a set up to keep Extorting.
I think only Democrats can qualify, though, so it probably won't have too much effect. :)
The economy did NOT grow 3.2% — what a lie!
All you statistic belong to us!
I wonder the impact on the numbers of moving several hundred billion in spending/debt onto the books when the debt limit was extended in October.
Point Five. Every establishment, concern, corporation or person engaged in production of any nature whatsoever shall henceforth produce the same amount of goods per year as it, they or he produced during the Basic Year, no more and no less. The year to be known as the Basic or Yardstick Year is to be the year ending on the date of this directive. Over or under production shall be fined, such fines to be determined by the Unification Board.
Point Six. Every person of any age, sex, class or income, shall henceforth spend the same amount of money on the purchase of goods per year as he or she spent during the Basic Year, no more and no less. Over or under purchasing shall be fined, such fines to be determined by the Unification Board.
Rand, Ayn (2005-04-21). Atlas Shrugged: (Centennial Edition) (p. 539). Penguin Group. Kindle Edition.
I read ONLY the headline, and a few comments which seem to backup my initial reaction to this article, which is BS.
I bought a piece of open land in 1976 for $9000.00, the owner financed it and it wound up costing me about $13000. including interest. I sold it in 1996 for $30000. I was amazed how many people thought I had really done well on the deal. According to my calculations, I lost money on it once you factor in inflation along with interest, property taxes and all the rest.
Yesterday bought my cat some cat treats, normally they are 3 oz. bags for 1.50 now still 1.50 but contain only 2.47 oz. Since now getting 1/6 less for 1.50 plus the tax is still 9 cents price increase is 6 divided into 1.59 = slightly more then 26.5 cents/bag. Doing this in my small brain % increase would be about 17% in one days time. Cat going on diet and I writing the company to complain. Would switch brands but cat only eats this one, she has me trained.
Do my own shopping now since ex and I parted ways, notice the same scam often. Only answer is to sell the cat to Chinese rest. If you would like to save my cat, check my math and let me know I am wrong.
All these numbers impute a value to government goods and services. No, I’m not kidding.
Remember the wheat harvest forecasts the Soviets used to put out. Always said it was going to be a bumper crop then they bought shiploads of the stuff from us. They keep the math challenged to sleep by singing this same lullaby to us about inflation and umemployment. The sad part is it still works.
Comrades! cried an eager youthful voice. Attention, comrades! We have glorious news for you. We have won the battle for production! Returns now completed of the output of all classes of consumption goods show that the standard of living has risen by no less than 20 per cent over the past year. All over Oceania this morning there were irrepressible spontaneous demonstrations when workers marched out of factories and offices and paraded through the streets with banners voicing their gratitude to Big Brother for the new, happy life which his wise leadership has bestowed upon us. Here are some of the completed figures. Foodstuffs
That would probably be more like "charging on the charge card" rather than paying cash.
They know exactly what they're doing. CBS radio news led the top of the hour with this:
"There was positive news in one of three important economic news items. Fourth quarter growth was very strong..."
No mention of the other two items.
In other news, the chocolate ration has been increased to 20 grams.
The only reason to publish government numbers is to see what the latest lies are.
3.2% growth in 4th quarter?
thus saith the Iceman and anyone else with walking around sense.
Recovery Summer 6.0 is just around the corner!!!
we’ve recently been told that Christmas sales were dismal.
Applications for unemployment insurance increased.
Retail chains are closing down stores.
Millions have stopped looking for work.
Homes sales have dropped.
Despite all of this - we managed to have robust growth.
“Robust household spending and rising exports kept the U.S. economy” UP, on the books of American companies and by the standards of what money has changed hands in the economy, while there is little improvement on either the employment picture, the numbers “permanently” unemployed or the % of the working age population that is actually working.
Like Henry Ford said, he needed people who earned enough to be able to buy his cars.
There may be some “recovery” going on with the “U.S. economy” by some statistics, but it is NO recovery that most of the population is participating in - it remains stagnant at best in terms of where most people are.
Yeah... One of my sons is in a profession in Wisconsin where two or three times a year they are laid off for a few weeks (Union crap ya know?!) and when they are they file for unemployment, which I might add they are legally entitled to as the employers pay unemployment insurance just like every employer does. It's not some "extension" or some scam that's used to pilfer the tax-payers out of our hard earned money it is just the nature of the industry he is in. That said, I'd just a soon do away with unemployment altogether.
Anyway... During their last break over the Christmas holiday season it turns out Wisconsin discontinued accepting unemployment applications. Seems they were over extended paying all the "extended" benefits obama ordered them to pay to people that haven't worked for a couple of years.
Know this... We cannot believe anything this administration and their shills tell us.
It is all just an illusion and and faux news is part of it!!
Can someone explain to me - in layman’s terms - how the GDP is calculated? I feel like I’m reading Pravda. My eyes and my wallet are telling quite a different story. I know food prices have gone through the roof - would that account for a rising GDP?