Posted on 10/29/2020 5:38:39 AM PDT by DoodleBob
Gross Domestic Product, Third Quarter 2020 (Advance Estimate)
Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent.
The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 2). The "second" estimate for the third quarter, based on more complete data, will be released on November 25, 2020.
The increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, and residential fixed investment that were partly offset by decreases in federal government spending (reflecting fewer fees paid to administer the Paycheck Protection Program loans) and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2).
The increase in PCE reflected increases in services (led by health care as well as food services and accommodations) and goods (led by motor vehicles and parts as well as clothing and footwear). The increase in private inventory investment primarily reflected an increase in retail trade (led by motor vehicle dealers). The increase in exports primarily reflected an increase in goods (led by automotive vehicles, engines, and parts as well as capital goods). The increase in nonresidential fixed investment primarily reflected an increase in equipment (led by transportation equipment). The increase in residential fixed investment primarily reflected an increase in brokers' commissions and other ownership transfer costs.
(Excerpt) Read more at bea.gov ...
MSM is deeply saddened.
This was about as good as it gets.
Let’s see who reports it as 8% (Q to Q) instead of annualized.
WINNING and WINNING. We’ll keep on WINNING.
Well, Cuomo, you tried, eh?
Well, Cuomo, you tried, eh?
I looked at the raw data and real chained GDP was up 7.4% in 3Q from 2Q, though on a current dollar basis it was up 8.4%.
I'd be amazed if anyone in the MSM knew the difference.
Probably the same folks who reported the decline a couple of quarters ago using an annualized format!
I internet searched “GDP quarter 3” and every headline announced it, then said BUT pandemic still rages or BUT people still hurting or BUT something else negative. That’s a trick our biased media uses on any good news for a Republican.
I look forward to Trump’s rallies today when he can celebrate this GDP.
Son of a bitch that magic wand thing.
I hope voters in states and cities run by Democrat Governors and Mayors are realizing they are stuck in the crotch of a V-shaped economic recovery.
Has Dopey Joe released his vital signs this morning?
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