Posted on 10/28/2021 5:06:47 PM PDT by elpadre
Net of inventory accumulation, real GDP for the third quarter was slightly negative, US government data released Thursday morning show. Real GDP grew at an annual rate of 2%, below the forecasters’ consensus of 2.6%, the Commerce Department reported. But a jump in inventories added 2.07 percentage points annualized to GDP. That’s more than the reported growth.
That’s a very odd number, considering that the inventory-to-sales ratio of US business stands at the lowest level on record, due to supply-chain constraints that prevent businesses from restocking. It’s likely that the inventory number was exaggerated. If that’s true, the US economy shrank during the third quarter.
The GDP measure of inflation rose at a 5.7% annual rate during the third quarter, following a 6.2% rate of increase during the second quarter. After inflation, final sales to domestic purchasers rose at an annual rate of just 1%. That’s a textbook portrait of stagflation.
Disposable personal income fell at a 0.7% annual rate, as prices outstripped income growth. By the Labor Department’s measure of prices and average wages, real earnings of US workers have fallen by about 2% over the past year despite nominal pay raises averaging about 4%.
Disposable personal income and fixed investment, including residential fixed investment, both fell slightly. The reported fall in residential investment knocked 0.38 percentage points off 3rd quarter growth, which means that the 20% annual rate of housing price inflation was higher than the rate of increase of home buying in terms of nominal dollars. Business investment also fell (except for the nebulous “intellectual property” category).
There are plenty of inflationary pressures still in the system. Freight volume is unchanged from 2019, according to the authoritative CASS index, while the cost of shipping is up 50%. Home prices continued to rise at a ...(more at link)
(Excerpt) Read more at asiatimes.com ...
the concluding paragraph
“...Altogether, the available data show the United States dead in the water, with inflation eating up all the demand stimulus that the government poured into the post-Covid economy. And all the price indicators suggest that it is getting worse”
The Chinese, Ruskies and Iranians are cheering.
Somebody supported these stupid Democrat sons of bitches.
Probably the same cowardly idiots who come here and write that the Republicans are in charge.
But, but, he said:
“The Biden Plan is working.”
-Joe Biden
...and we’re less than 1 year in to this disaster. Buckle up.
The way to get rid of corrupt and rotten celebrity Democrat culture is to strictly enforce it.
This is what Biden is taking to Europe - they will surely keep him at an arms distance - a proven loser!!
Maybe this is why the Pope has canceled all live coverage of his meeting with Biden.
*sigh*
basic econ 101, if you give everyone more money, the price of everything goes up.
They’re trying to push a string.
L
Blame it on canceling the Keystone Pipeline, canceling the Atlantic Coast Pipeline, canceling fracking, coal, and oil leases.
Cheap energy equals prosperity. No energy equals poverty.
Blame it on Biden.
Brandon did this.
Actually , it's a small club...but you still ain't in it.
...but they'll continue to beat you with it.
Here’s one! Here’s one!
Not from me.
Finally got a new p/u delivered.
Bought plenty-o-pure-qas to feed it.
Started stocking up on long term food.
Increased hording of paper products.
Damn, I'm good.
This is why they are pushing people to buy Christmas gifts now, to try to push up the numbers.
I’m amazed how little inventory the local car dealers have. Some of them it’s almost hard to tell if they’re still in business.
And used prices are off the charts. I used to be able to buy decent beaters for 3 grand. Those days are gone.
Amen to that brother.
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