Posted on 10/29/2020 2:09:59 AM PDT by Oldeconomybuyer
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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