Posted on 12/23/2014 11:08:21 AM PST by mikelets456
The American economy grew last quarter at its fastest rate in more than a decade, providing the strongest evidence to date that the recovery is finally gaining sustained power more than five years after it began.
Bolstered by robust spending among consumers and businesses alike, economic output rose at an annual rate of 5 percent during the summer months, the Commerce Department said Tuesday, a sharp revision from its earlier estimate of 3.9 percent. The advance followed a second quarter where growth reached a rate of 4.6 percent after a decline last winter that was exacerbated by particularly harsh weather.
(Excerpt) Read more at nytimes.com ...
nobody believes their crap any more
Evidently, people do. All they see is dow at 18000 and they think all is fine. I’m ready for the bottom to drop out.
Wat’s dat I smell cooking? That’d be da books.
Hey!If the numbers charade works for the unemployment rate, we might as well do the same for the economy and we always can revise downward. ...Newly revised figures for the economy show it shrunk by about ....
No thanks to Obama, its the price of oil cut. Which Obama opposed because of his war on Shale, coal.
Bull. Do not believe it.
All this economy needed was cheap energy. Now that’s it’s here this economy is going to roar. Bottom dropping out? we’ll see dow 25,000 first.
Here’s an insightful and realistic perspective on the real reasons for “5%” growth:
http://www.zerohedge.com/news/2014-12-23/here-reason-surge-q3-gdp
or the price of gas has dropped enough that people living on the margins could buy some things finally.
There was an interesting article on ZeroHedge about how the BLS simply moved consumer spending on Obamacare spending from Q1, and aggregated it in the present Qtr - giving the economy a sudden $40 billion boost.
http://www.zerohedge.com/news/2014-12-23/here-reason-surge-q3-gdp
make your own judgements...
In short, two-thirds of the “boost” to final Q3 personal consumption came from, drumroll, the same Obamacare which initially was supposed to boost Q1 GDP until the “polar vortex” crashed the number so badly, the BEA decided to pull it completely and leave this “growth dry powder” for another quarter. That quarter was Q3.
The cheap money will immediately cease if and when a Republican becomes president. The Fed will see to it that he/she will face strong economic headwinds.
Also note that now that the congress is in Republican control interest rates will likely start rising. Coincidence? I think not.
I’ll wait for the “adjusted” figures to come out before I get excited and wet my pants the way the “media” is doing right now.
Its all rigged and manipulated. Nothing is real anymore.
This is the revision on the 3rd quarter.
Except that they are counting Obamacare premiums as consumer spending. Maybe they should throw in state and federal taxes as consumer spending and the gdp could be up 15%.
A LOT of Americans have more cash in their pocket because of those evil frackers !
I feel things picking up a bit in my little micro solo legal practice. I really think it’s lower gasoline prices. Suddenly, folks have a few bucks to spend on something other than getting to work, like paying a lawyer to do your will or whatever. If we could just keep gas prices low then consumer spending would really start to take off. We could do stuff like drill baby drill and build Keystone. You know, common sense stuff like that.
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