Posted on 11/28/2018 10:45:00 AM PST by Oldeconomybuyer
WASHINGTON - The U.S. economy slowed in the third quarter as previously reported, but the pace was likely strong enough to keep growth on track to hit the Trump administration’s 3 percent target this year, even as momentum appears to have moderated further early in the fourth quarter.
Gross domestic product increased at a 3.5 percent annualized rate, the Commerce Department said on Wednesday in its second estimate of third-quarter GDP growth. That was unchanged from its estimate in October and well above the economy’s growth potential, which economists estimate to be about 2 percent.
The unrevised third-quarter GDP reading reflected a faster pace of inventory accumulation and more business spending on equipment than initially thought that was offset by downward revisions to consumer spending and exports. The economy grew at a 4.2 percent pace in the April-June quarter.
But dark clouds are gathering over the economic expansion that is now in its ninth year and the second longest on record. The goods trade deficit widened further in October, pressured by declining exports of soybeans, capital goods and automobiles, the Commerce Department said in another report on Wednesday.
(Excerpt) Read more at reuters.com ...
Bullschtein!
There was no ‘economic expansion’ during the 0bama years. If anything the deterioration was covered up with massive debt.
The current expansion is real - decent paying jobs, ultra low unemployment, rise in manufacturing and mining, etc.
So because it is unrevised it is bad?
Unlike the barky years where it was revised down frequently because they cooked the books?
obama added 10 trillion to the debt. Best in history.
If there are headwinds, they are being created by the globalists. The when the economy slows, the Marxist media can say, “I told you so!”
And Trump did it all without adding to the deficit!! It’s genius I tell ya, GENIUS.
Your bold text is a shining example of why the media of today is held in such disregard. We really have little journalism today, instead we have mostly spin outlets and press release parrots.
The only headwind is the election of a Democrat congress. Year-over-year same-store sales is at a record high. There’s no bubble in housing. The fed is dumping investments back onto the market at a $450 billion-a-year pace, and still raising interest rates while inflation is almost certain to go negative for the 4th quarter.
Inflation going negative is otherwise known as deflation and it’s been the fear since 2008, resulting in effectively a zero interest rate policy, lavish stimulus and unprecendented levels of monetary assistance to financial institutions. Continuing to raise interest rates in the face of deflation is foolhardy in the extreme. I do, however, believe that interest rates need to return to a level where retirees can derive a decent retirement income from stable savings accounts and certificates of deposit. If we’re deflating the time is clearly not right for continued upward adjustment of interest rates. That will have to wait.
Long-run growth potential is said to be 2 percent, but Trump is a bad president because growth is only 3.5 percent in the most recent quarter.
According to libtards, doing the impossible is not good enough for Trump. He must go beyond doing the impossible; he must do the unimaginable.
Hercules had an easier list of things to do.
Those aren’t “headwinds”. That’s all the flatulence from the lying leftwing politicians and their voter fraud schemes!
Let’s get real serious. The good times cannot last forever. Never, ever do. Sooner or later there will be a downturn followed by see-sawing, followed, hopefully, by an upturn.
President Trump has done enough good things for the economy to keep the good time rolling for awhile.
“Gross domestic product increased at a 3.5 percent annualized rate, the Commerce Department said on Wednesday in its second estimate of third-quarter GDP growth. That was unchanged from its estimate in October and WELL ABOVE the economy’s GROWTH POTENTIAL, which [ genius] economists estimate to be about 2 percent.
HOW CAN IT BE “WELL ABOVE ITS OWN POTENTIAL?” It might as well say “The glass took 8 oz of water which is well above its potential of 6 oz.”
.. “the economic expansion that is now in its ninth year and the second longest on record.”
Isn’t strange and Frickin’ AMAZING how a small number of leftist economists thought we were in a “recovery” under Obama with his 10 cents on $100. 00 savings account interest and 6% PLUS unemployment rates while the rest of knew the economy was in the crapper pre-Trump?
For most of the third quarter oil prices were between $68 and $75 per barrel and the Fed jacked the interest rate. That explains a lot!
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