Posted on 10/27/2022 6:17:05 AM PDT by ChicagoConservative27
U.S. economic growth rebounded during the third quarter after six months of steady declines, according to data released Thursday by the Commerce Department.
U.S. gross domestic product (GDP) grew at annualized rate of 2.6 between July and September, up from declines of 1.6 percent in the second quarter and 0.6 percent in third quarter of 2022, the Bureau of Economic Analysis reported Thursday.
That means that if the third quarter’s pace of growth lasted 12 months, the U.S. economy would have grown 2.6 percent by the end of that time.
Economists expected U.S. GDP to rise at an annualized rate of 2.3 percent in the third quarter, according to consensus estimates.
(Excerpt) Read more at thehill.com ...
The timing of this “report” is certainly suspect!
Well good news, I guess we all need to go out and vote for Democrats now.
See just like joementia said. The economy is strong as hell. And nanzi reminded us that inflation isn’t the problem, it’s the cost of day to day living..................
I’m sure the numbers are completely reliable. /sssssss
Nice try, liberal slime.
Personal spending is down. The consumer won’t see a dime of this growth, which is mostly petro exports.
Biden will come out like a cheerleader this morning. But the worm will turn when the inflation number is bad again.
what a joke...but after saying that everything is wonderful, in the next breath they said we’re heading for a big fat recession.
Federal Government Outlays 2021 vs 2022
July 2021: $564 billion
August 2021: $439 billion
September 2021: $524 billion
July 2022: $480 billion
August 2022: $523 billion
September 2022: $917 billion!
^^This^^.
$393B+ over 2021 Govt spending juiced gdp
Data from US Treasury Statements.
Yup,things are just ducky here in the US of A!
when’s the next inflation # come out?
The market is gonna drop like a rock today. Good gdp is bad. More interest rates on the way.
New government spending programs were used to bump it up.
interesting. futures are currently up 425 on the dow. it does seem like a head fake and that the libs are propping it up for the dems
Suspicion confirmed. Of course all that government spending of tax dollars that don’t exist has no negative side effects. /s
dow s&p will do fine, well at least better than tech. Tech gonna get crushed. If apple and amazon miss tonight, it will really get bloody.
We’ll that settles it. Biden’s closing message on the economy will change votes. 🤥
Yeah. Okay. ROTFLMAO!
Less imports and more exports to Europe because of energy shortages. More government spending, including defense because of war.
Personal Consumption: 0.97% of the bottom line number, down from 1.38% and the lowest since 2019.
Fixed Investment subtracted -0.89% from the GDP, in line with last month’s -0.92% as corporations continue to retrench ahead of the recession
The change in private inventories shrank for the 3rd quarter, this time shrinking GDP by -0.70%
On the positive side net exports rose by 2.77% courtesy of a 1.63% increase in exports and a decline in imports which contributed another 1.14% to the GDP print. As noted above, this alone was enough to explain the entire gain in Q3 GDP, and is a function of US support of the European war economy as the US exports record amount of commodities (oil and gas) as well as weapons to Europe.
Finally, government consumption - which was and remains an oxymoron - added 0.42% to the bottom line GDP.
The increase in consumer spending reflected an increase in services (led by health care and “other” services) that was partly offset by a decrease in goods (led by motor vehicles and parts as well as food and beverages).
The increase in business investment reflected increases in equipment and intellectual property products that were partly offset by a decrease in structures.
The increase in government spending reflected increases in federal (led by defense spending) as well as state and local.
The decrease in housing investment was led by new single-family housing units and brokers’ commissions.
The decrease in private inventory investment was led by retail trade (mainly “other” retailers).
The decrease in imports reflected a decrease in goods (led by consumer goods) that was partly offset by an increase in services (led by travel).
And while the headline GDP was generally in line with expectations, where the market was decidedly pleased was to learn that the GDP price index rose just 4.1%, well below the 5.3% expected, and down more than half from 9.0% last quarter.
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