Posted on 07/27/2023 11:29:24 AM PDT by ChicagoConservative27
The economic recovery gained momentum in the spring as buoyant consumer spending and resurgent business investment helped, once again, to keep a recession at bay.
Gross domestic product, adjusted for inflation, rose at a 2.4 percent annual rate in the second quarter, the Commerce Department said Thursday. That was up from a 2 percent growth rate in the first three months of the year and far stronger than forecasters expected a few months ago.
Consumers led the way, as they have throughout the recovery from the severe but short-lived pandemic recession in 2020. Spending rose at a 1.6 percent rate, slower than in the first quarter but still solid. Much of that growth came from spending on services, as consumers shelled out for vacation travel, restaurant meals and Taylor Swift tickets.
(Excerpt) Read more at nytimes.com ...
Few Months=one week.
I don't know about anyone else, but I have been too banged up from trips to the grocery store to be able to shell out for luxuries like these
Of course the inflation number is a complete lie.
and our debt and inflation grew at an even faster rate!
The personal credit card debt is currently the highest ever.
In other words, a cokehead does a ton of blow before going to rehab.
I wonder what growth is when adjusted for price increases due to inflation really is?
2.4% growth with 5-10% inflation is 2.5-7.5% economic contraction.
“Blew away expectations” the newsmen say😂
And…..Personal savings are at near an all time low….. what a combo. But the economy is roaring.
People who were fired during COVID are allowed to return to work.
“Government spending increased 2.6%, including a 2.5% jump in defense expenditures and 3.6% growth at the state and local levels.”
https://www.cnbc.com/2023/07/27/gdp-q2-2023-.html
They count printing money as ‘growth’.
Best economy ever!
I expect CRE to crash, propagate through banks and into numerous other sectors. We’ll find out if that’s correct sooner than later.
Oh, c’mon, man!
I saw some cheering on this, but 2.4% annual is fairly awful. A good economy for the US runs at 3-4% typically.
Actually negative growth as inflation made things cost 24% more so the truth is a 20% decline.
exactly. and considering how they no longer figure in cost increases of food and energy, it even bolsters that point.
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