Posted on 11/30/2022 7:26:46 AM PST by SaxxonWoods
The numbers: The economy grew at an annual 2.9% pace in the third quarter, updated figures show, and the U.S. is on track to expand again in the waning months of 2022 despite growing worries of recession.
Gross domestic product, the official scorecard for the economy, was revised up from a 2.6% rate of growth in the preliminary reading issued last month. GDP had shrunk in the first two quarters of the year.
The economy is forecast to expand again in the fourth quarter running from October to December, but estimates vary from as much as 4% to less than 1%. All figures are adjusted for inflation.
Key details: The main engine of the economy, consumer spending, increased at a solid 1.7% annual clip in the third quarter, the government said Previously the increase was put at a softer 1.4%.
(Excerpt) Read more at morningstar.com ...
As I’ve predicted they will wait until the “fear”
Of a recession is over to say “darn it you were right in 2022, that was a recession.” But Joe saved us so all good. Time for 2024.
ROTFL. “Morningstar/Marketwatch? A liberal Native American newspaper?
Using changing value of the dollar and with an announced 8-ish percent inflation, one should add the estimated "growth" -- a positive -- from the estimated "inflation" -- a negative number.
(-8) + (+2.9) = - 5.1. Sounds like a recession to me, in spite of the prose.
We’re basically CASHING IN on Europe’s self-destruction over Ukraine, which is fine by me.
The recession was not a recession. If we’re to believe the talking heads, 3% is the best we can do for growth so they are setting up the narrative that Biden’s economy is robust and healthy. Never mind businesses can’t get workers or inflation straining you budgets. This is paradise /s
They do mention these are inflation adjusted numbers.
Oil execs rip Biden admin’s ‘completely inaccurate,’ ‘flat-out lie’ about US energy production
https://www.foxbusiness.com/energy/oil-execs-rip-biden-admins-completely-inaccurate-flat-out-lie-us-energy-production
Golly Gee, those genius prognosticators over at Morningstar wouldn’t be keyboarding fairytales for grift would they? Nah .....
I knew this would be a fun thread for the economic experts here.
The numbers will be quietly adjusted downward later on.
It ain’t recession, it’s INFLATION that’s killin’ me.
Morningstar is a company based in Chicago that rates mutual funds from one to four stars based on the risks and performance of the fund.
What, did they print some more money or something...?
By whom? Blackrock was managing 9 trillion until it shrank to 7 trillion. FTX was solvent until it wasn't. The list could go on.
Shadowstats and others suggest an answer to the question, "All figures are adjusted for inflation by whom?"
I would summarize the answer as "by the government" which has changed how it "adjusts."
^this
I believe the numbers due to governmental spending.
Just like an alcoholic is drunk and feeling great before withdrawal kicks in.
All I can say is that the economy sure doesn’t feel healthy to me. But I’m nobody.
They are just noting how the Bond Market is reacting and the Bond Market is the best prognosticator of future economic activity we have.
Every last institution and corporation is so corrupt these days that I have a difficult time trusting any data.
It is hard to see any “data” coming out that would hurt a democrat. The entire apparatus seems to be geared toward preserving them in power, period.
This gain is almost entirely due to the strength of the uS currency. It’s kind of a “one time” thing based on what I read when the first pass came out.
The other bit of news today was a huge miss on the ADP jobs report.
As they always say, one data point does not make a trend.
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