Posted on 10/27/2022 10:26:46 AM PDT by SeekAndFind
WASHINGTON — US economy returned to growth in July-September period after 2 straight negative quarters, expanding at a 2.6% rate.
The U.S. economic growth rebounded strongly in the third quarter amid a shrinking trade deficit, but that overstates the economy's health as domestic demand was the weakest in two years because of the Federal Reserve's aggressive interest rate hikes.
The Commerce Department's advance third-quarter gross domestic product report on Thursday also showed residential investment contracting for a sixth straight quarter as the housing market buckles under the weight of surging mortgage rates. While overall inflation slowed substantially from the second quarter, price pressures continued to bubble.
Still, the rebound in growth after two straight quarterly declines in GDP was further evidence that the economy was not in a recession, though the risks of a downturn have increased as the Fed doubles down on rate hikes to battle the fastest-rising inflation in 40 years.
(Excerpt) Read more at sandiegouniontribune.com ...
Until it gets revised downward about a week after the election...
It’ll be interesting to see if this gets revised down.
It’s a miracle I tell ya!!!
So the official recession won’t happen until it’s on the Republican watch.
Yay Joe saved us.....!!! 🙄🙄🙄
Is it real, or does it appear that way due to inflation???
THAT is exactly what is going to happen it will be downgraded after the election HOWEVER they can NOT HIDE what people are paying for things, they can flap their jaws all they want trying to convince people inflation is better but it ain’t happening people KNOW it is not better!!!
I don’t care what statistics the government is putting out; they are cooking the books. People know their own checkbooks, savings accounts and asset values. All are dropping. We won’t get back to reasonable times until we become energy independent again.
This will be revised down ultimately to .9% - that’s my guess.
The average schmuck doesn’t base his outlook on statistics, but on reality. He’s not going sit in his hovel, cold and underfed with creditors at the door and think to himself, “gee, GDP is at 2.6 percent, I guess I’ll vote Democrat this year!”
Costs 9 bucks here for a 16oz skippy peanut butter but yeah the economy is doing awesome
Lesse—annual growth +2.6%
Less inflation: say 10%.
Real dollar “growth” = 2.6 -10 = negative 7.4% growth.
The good news—math is racist!
EXACTLY...
It’s better than 0% or negative. Small consolation but I guess, It’s still better.
from AP, all propaganda.
get ready for a bleak economic winter and spring.
“economy”
Right! Gotta get those D’s some good news just before the election!
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