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U.S. economy grew at a 2.8% pace in the third quarter, less than expected
CNBC ^ | October 30, 2024 | By Jeff Cox

Posted on 10/30/2024 6:33:03 AM PDT by Oldeconomybuyer

The U.S. economy posted another solid though slightly disappointing period of growth in the third quarter, propelled higher by strong consumer spending that has defied expectations for a slowdown.

Gross domestic product, a measure of all the goods and services produced during the three-month period from July through September, increased at a 2.8% annualized rate.

The report confirms that the U.S. expansion has continued despite elevated interest rates and long-standing worries that the burst of fiscal and monetary stimulus that carried the economy through the Covid crisis wouldn’t be enough to sustain growth.

However, resilient consumer spending, which accounts for about two-thirds of all activity, has helped keep the economy moving, as has a relentless wave of government spending that pushed the budget deficit to more than $1.8 trillion in fiscal 2024.

Personal consumption expenditures, the proxy for consumer activity, increased 3.7% for the quarter, the strongest performance since Q1 of 2023. Another major factor the department cited for growth was federal government spending, which exploded higher by 9.7%, pushed by a 14.9% surge in defense outlays.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: gdp

1 posted on 10/30/2024 6:33:03 AM PDT by Oldeconomybuyer
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To: Oldeconomybuyer

And if you subtract the built in 4%-6% Devaluation of your Dollar, we are going backwards...


2 posted on 10/30/2024 6:35:55 AM PDT by eyeamok
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To: eyeamok

Biden administration, inflation adjusted, has brought into depression territory. Saying the economy is growing, when it’s less than inflation, is at best misleading.


3 posted on 10/30/2024 6:39:54 AM PDT by Pete Dovgan
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To: Pete Dovgan

The true tragedy is that most people don’t have a clue and are incapable of basic arithmetic, which is the only reason these lies are allowed..


4 posted on 10/30/2024 6:42:34 AM PDT by eyeamok
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To: Oldeconomybuyer

Less than federal deficit- we’re now getting negative growth from debt.


5 posted on 10/30/2024 6:43:11 AM PDT by glorgau
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To: Oldeconomybuyer

I won’t settle for slightly disappointing numbers. I’ll just wait for the lower, revised numbers. Maybe we can make it to dismal numbers.


6 posted on 10/30/2024 6:44:38 AM PDT by GMMC0987
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To: Oldeconomybuyer

2.8% growth is just fine given the current conditions.


7 posted on 10/30/2024 6:48:43 AM PDT by SaxxonWoods (.You will suffer from one: The pain of discipline or the pain of regret. )
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To: Oldeconomybuyer

and that number will be quietly revised downward after the election if Heels Up wins, and quite loudly and blamed on Trump if Trump wins


8 posted on 10/30/2024 6:51:41 AM PDT by The Louiswu (Pray for Peace in the world.)
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To: Oldeconomybuyer

There are always several scheduled revisions after more data are evaluated, this is just the phony preliminary number meant for the press. Probably end up with something like +1.6 instead of +2.8.


9 posted on 10/30/2024 6:52:06 AM PDT by Roadrunner383
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To: Oldeconomybuyer

Grew a wart on its ass maybe


10 posted on 10/30/2024 6:53:14 AM PDT by KobraKai
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To: eyeamok

Hey, as long as abortion is safe and we can kill our offspring, I guess that’s all that matters.


11 posted on 10/30/2024 6:58:00 AM PDT by Obadiah
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To: GMMC0987

Excellent post!


12 posted on 10/30/2024 6:58:11 AM PDT by rlmorel ("A people that elect corrupt politicians are not victims...but accomplices." George Orwell)
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To: Oldeconomybuyer

Consumer Confidence going up to 108.7 from 95 tell us more than the growth estimate. And $6trillion sitting in Money Market Funds tells us there’s a lot of money on the sidelines waiting for the clarity of the election. On the macro level the economy is strong.
Meanwhile the Bond Vigilantes are still worried about govt spending.

The election will help clear the air. Certainty always bears uncertainty, no matter who wins.


13 posted on 10/30/2024 7:07:18 AM PDT by SaxxonWoods (.You will suffer from one: The pain of discipline or the pain of regret. )
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To: SaxxonWoods

“Certainty always BEATS uncertainty...”


14 posted on 10/30/2024 7:08:26 AM PDT by SaxxonWoods (.You will suffer from one: The pain of discipline or the pain of regret. )
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To: The Louiswu

Exactly. Always revised downward during certain administrations.


15 posted on 10/30/2024 7:09:05 AM PDT by KC_Conspirator
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To: KC_Conspirator

“Exactly. Always revised downward during certain administrations.”

The number will still be good after the adjustment. Moderate growth, less pressure on rates. The low oil price also supports the economy and lowers inflation. That won’t last forever of course, but the new president (and the rest of us) will have a tailwind gift from oil for a while.


16 posted on 10/30/2024 7:18:58 AM PDT by SaxxonWoods (.You will suffer from one: The pain of discipline or the pain of regret. )
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To: Oldeconomybuyer

THE PERSONAL SPENDING INCREASE is due to the INFLATION.

IT COSTS MORE===YOU SPEND MORE TO BUY IT.


17 posted on 10/30/2024 7:46:51 AM PDT by ridesthemiles (not giving up on TRUMP---EVER)
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To: Oldeconomybuyer

I was looking at a 49 cent bag of potato chips today. It was marked $7.29 on the bag. Geez. Legalizing marijuana not only gave us stupid voters, it drove the cost of “munchies” out of sight.


18 posted on 10/30/2024 7:49:40 AM PDT by FlingWingFlyer (The Walz/Harriz RAT platform: Hitler, Hitler, Hitler, Hitler, Garbage, Garbage, Garbage, Garbage.)
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To: Oldeconomybuyer
U.S. economy grew at a 2.8% pace in the third quarter, less than expected

I STRONGLY suspect every piece of data was "stretched" to get the best possible result for the Kommie-La campaign. I put absolutely no faith in any government statistics generated by the regime.

19 posted on 10/30/2024 7:55:09 AM PDT by The Sons of Liberty (PRAY for AMERICA! and VOTE MAGA!)
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