Posted on 06/29/2023 7:12:36 AM PDT by Diana in Wisconsin
The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday.
Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second estimate of 1.3%. That was also well above economists’ expectations of 1.4% rate, according to Refinitiv.
The department’s final estimate of first-quarter GDP reflected an upward revision to exports, consumer spending, state and local government spending, and investment from housing businesses, such as landlords. The new data showed that Americans spent more on services and less on goods, including a jump in spending on health care services. Consumer spending accounts for about two-thirds of economic output and the latest estimate incorporated data from the Commerce Department’s Quarterly Services Survey.
The revised trade flows contributed positively to GDP, with exports rising more than previously estimated while imports were revised down. Residential fixed investment — spending from housing businesses or landlords — had less of a drag on GDP. Nonresidential businesses cut back more than previously reported, specifically more on equipment purchases.
The final first-quarter GDP estimate shows that the US economy was in much better shape than previously thought, thanks to resilient US consumers, though economists say that momentum has slowed in recent months.
“While consumers are still spending, they are exercising more discretion as lingering inflation and the Federal Reserve’s tightening cycle take their toll,” wrote Gregory Daco, chief economist at Ernst & Young, in an analyst note. “We still believe a recession is more likely than not, but we have lowered our recession odds to 55%, and if it were to materialize it would have unique characteristics.”
(Excerpt) Read more at channel3000.com ...
It’s all Sunshine, Rainbows and Magical Unicorns in Brandon World, according to CNN. ;)
GDP stats are pretty volatile, contain a lot of information, and mostly are important in terms of medium-term trends, not quarterly fluctuations.
Ooh, the latest propaganda from Party Central!!
Choco rations going up 25 grams next week.
Jolly good, eh?
Hi there!!
Have you donated to the Freepathon yet?
The Commerce Department decided to help Joe Biden get reelected?
Translation - government, employers, and some consumers spent more on health care.
How? Businesses are near universally tapping the breaks on spending and real estate had ground down to a percentage of volume from before the rate hikes.
😂😂😂😂😂💃🕺 Oh, otay......
Sure it did and Biden did not take any bribes either.
Amazing what happens when you on-shore supply chains from China!
https://fred.stlouisfed.org/release/tables?rid=53&eid=5272#snid=5308
Fed Gov part in this “growth”
US economic growth expanded much faster
The snail moved another nap expected.
CLINTON NEWS PIPE DREAM!
Inflationary bubble growth and with some industries becoming dependent on federal investment, subsidy and tax credit programs to obtain and maintain that growth, endangering the sustainability of that growth without continued massive federal largess.
How does the billions of dollars invested in proxy wars factor into it? 🤔
Consumers have taken the govts playbook and keep spending money they dont have…. I can already hear Biden promising to wipe out credit card debt right before the election next year… lol
Per post 13
How can there be an increase of gdp with a decrease in fed revenue?
gdp and federal revenue do not necessarily have to trend in the same direction
the gdp can seem to grow, even when that growth is in part funded by federal money printing from expanded federal debt
Ha ha, you Republican neo-nazis! The economy is booming and you fascists will finally be swept out of power for good in 2024!
We have plans for you racists. A gulag for you named MAGAdan! We’ll teach you that work makes you free!
(Oops, my mask seems to have slipped.)
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