Posted on 10/31/2016 4:19:50 AM PDT by expat_panama
The U.S. economy grew at a 2.9% annual rate in the third quarter, faster than the 2.5% growth expected and up from 1.4% in the second quarter, the Commerce Department reported Friday. It was the fastest pace since Q3 2014.
The pickup in growth was due to an upturn in inventory investment and an acceleration in exports and growth in federal government spending. Personal consumption expenditures grew at a slower pace, while residential fixed investment and state and local government spending were negatives.
The increase isn't likely to change the Federal Reserve's timetable for hiking interest rates...
...banks like higher interest rates and their stocks have been performing well lately...
...While the Federal Reserve is virtually certain to hike interest rates in December, the strengthening dollar may lead policymakers to spring another kind of surprise to avoid a repeat of what happened after the hike in December 2015...
...exports grew 10%, the best gain since the fourth quarter of 2013. But with the dollar rallying in recent weeks, U.S. goods may become less competitive.
The PCE price index, the Fed's favorite inflation gauge, rose an annualized 1.4%, down from 2.0% in Q2. Stripping out food and energy, the core PCE price index rose 1.7%, down from 1.8%...
...the Employment Cost Index rose 0.6% in the third quarter, as expected. Wages and salaries rose 2.4% from a year ago, down from the 2.5% growth in the second quarter. Benefits grew at a faster pace, up 2.3% from a year ago vs. 2.0% in the June quarter.
(Excerpt) Read more at investors.com ...
That will be wiped out by Obamacare premium increases due tomorrow.
Good economic news will be last thing on voters’ minds.
Look for aa blowout jobs report this Friday. Probably in the area of 750,000 new jobs created, all full time. :-)
Growth in government spending... There ya go.
The books are being cooked before the election....fake stats that will be revised down later on.
We need more investments and more benefits for the 47%.
They’ll lie to give Hillary a leg up the weekend before the election.
Count on it.
The laughable Miami media just reported this number, calling it “solid growth”. Pathetic.
Yup.
If Trump wins, they’ll say we told ya so.
You can see it coming in the headlines they’ve prepped if Hillary doesn’t win.
The pick up is due to lying
yep, and somehow obama’s 20 Trillion in debt absolved.
The seasonal jobs always come just in time for the election!
Well except for when they adjust it and release the REAL results next month some time.
This government lies to us constantly. This economic report is another lie.
I guess it is because I’m not a highly trained economist, I still don’t understand how spending borrowed money can be seen as economic growth. It doesn’t work that way in my household.
I don’t believe this stat or anything else that comes out of Washington. Wanna bet it’s revised downward a month after the election?
Hallelujah...Obama has turned it around!
2.9% my fat, hairy ass.
Bolding is mine.
Good news :)...
Probably because REAL facts are much better than any 0bama Regime Mythical ones.
More manufactured figures similar to the unemployment numbers released just before the 2012 election. The USG figures are bogus and will be corrected after the election.
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