Posted on 10/29/2020 2:09:59 AM PDT by Oldeconomybuyer
Americans may feel whiplashed by a report Thursday on the economys growth this summer, when an explosive rebound followed an epic collapse.
The government will likely estimate that the economy grew faster on an annualized basis last quarter than in any such period since record-keeping began in 1947.
Just be forewarned: The sizzling pace wont last.
The economy is weakening and facing renewed threats. Confirmed viral cases are surging. Hiring has sagged. Government stimulus has run out. And even last quarters outsize growth will leave the economy far below its level before the pandemic struck in March.
The strength of this figure is an optical illusion, Nancy Vanden Houten, an economist at Oxford Economics, wrote in a research note. Growth has since slowed, and we expect markedly weaker activity in the October-December quarter and beyond.
(Excerpt) Read more at apnews.com ...
Yep, that, and the Fed added over $71 billion in printed money stimulus during the third quarter. What does a 30% 3rd quarter GDP gain represent in dollars?
From briefing.com (in case you can’t tell from the self-promotion in their report):
“Just in, the advance third quarter GDP pointed to an expansion of 33.1% (Briefing.com consensus +30.2%) after the economy contracted 31.4% in the second quarter. Also, the third quarter GDP Deflator came in at 3.6% (Briefing.com consensus +3.0%).
Separately, the latest weekly initial jobless claims count totaled 751,000 (Briefing.com consensus 763,000). Today’s tally was below the prior week’s revised count of 791,000 (from 787,000). As for continuing claims, they dropped to 7.756 mln from a revised count of 8.465 mln (from 8.373 mln).”
Nothing but good news. Now the media has some extra-heavy spinning to do, and the stock market will do nicely today — until the “algorithms” of the big Wall Street banks brokerages and mutual fund companies kick in. We can’t have anything good happen economically NOW; it might help Trump!
$375 billion
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