Third-quarter GDP rises 2%, better than expected

[nhboy]

Link to original article.

"9:08AM EDT October 26. 2012 - The nation's gross domestic product grew at an annual rate of 2% during the third quarter, the government said today, in one of the final pre-election looks at how the economy is recovering from the recession.

The results beat the 1.8% median forecast of 48 economists surveyed by USA TODAY.

But although third-quarter GDP beat expectations, growth is still well below the annual pace of 3% or better that economists consider necessary to create a strong economy and lower the unemployment rate.

Consumer spending, which has the biggest impact on economic growth, rose 2% last quarter after rising 1.3% in the second quarter. And investment in housing jumped 14.4% to help lead the way. Indeed, housing accounted for all of the economy's gains in investment during trhe quarter -- and then some.

"The quick reaction is that the economy is slowly getting better,'' said Joel Naroff, president of Naroff Economic Advisors. "It has turned the corner in so many different ways.''

* THANK YOU PRESIDENT OBAMA AND VICE PRESIDENT BIDEN! *
* FOUR MORE YEARS! *​

 

[ancientmariner]

Link to original article.

"9:08AM EDT October 26. 2012 - The nation's gross domestic product grew at an annual rate of 2% during the third quarter, the government said today, in one of the final pre-election looks at how the economy is recovering from the recession.

The results beat the 1.8% median forecast of 48 economists surveyed by USA TODAY.

But although third-quarter GDP beat expectations, growth is still well below the annual pace of 3% or better that economists consider necessary to create a strong economy and lower the unemployment rate.

Consumer spending, which has the biggest impact on economic growth, rose 2% last quarter after rising 1.3% in the second quarter. And investment in housing jumped 14.4% to help lead the way. Indeed, housing accounted for all of the economy's gains in investment during trhe quarter -- and then some.

"The quick reaction is that the economy is slowly getting better,'' said Joel Naroff, president of Naroff Economic Advisors. "It has turned the corner in so many different ways.''

Still says failure to me.

 

[cwo_ghwebb]

Link to original article.

"9:08AM EDT October 26. 2012 - The nation's gross domestic product grew at an annual rate of 2% during the third quarter, the government said today, in one of the final pre-election looks at how the economy is recovering from the recession.

The results beat the 1.8% median forecast of 48 economists surveyed by USA TODAY.

But although third-quarter GDP beat expectations, growth is still well below the annual pace of 3% or better that economists consider necessary to create a strong economy and lower the unemployment rate.

Consumer spending, which has the biggest impact on economic growth, rose 2% last quarter after rising 1.3% in the second quarter. And investment in housing jumped 14.4% to help lead the way. Indeed, housing accounted for all of the economy's gains in investment during trhe quarter -- and then some.

"The quick reaction is that the economy is slowly getting better,'' said Joel Naroff, president of Naroff Economic Advisors. "It has turned the corner in so many different ways.''

Is this the new normal, pizz poor expectations? I don't remember who coined the phrase 'the soft bigotry of low expectations', but that phrase would seem appropriate here.

 

[slotpuppy]

Still says failure to me.

 

[PsyOps]

Due to a big spike in government spending in the 3rd quarter.

 

[Gilligan]

Still says failure to me.

To be fair, it is only abject, miserable failure....a small step above SCOAMF.

 

[nhboy]

lol! You clowns have got to stop denigrating the good news and celebrating the bad. It's bad for your health...but then Obamacare will help you with that.

 

[cwo_ghwebb]

Due to a big spike in government spending in the 3rd quarter.

Government spending always spikes in October as agencies need to spend the rest of their money to justify next year's budget requests.

 

[cwo_ghwebb]

lol! You clowns have got to stop denigrating the good news and celebrating the bad. It's bad for your health...but then Obamacare will help you with that.

You clowns have got to stop celebrating bad news and pretending it's good news.

 

[PsyOps]

lol! You clowns have got to stop denigrating the good news and celebrating the bad. It's bad for your health...but then Obamacare will help you with that.

Only a lib would view massive government spending in order to give a false sense of a 'good economy' as a good thing. There is nothing good about using American tax dollars infused into the economy in order to give the illusion of an economic turn-around. 2% SUCKS! All the promises Obama made - cut the deficit in half, unemployment to never get above 8%, fiscal discipline, transparency – all these things were illusions and propagandists like you only serve to convince yourself you’re actually convincing anyone that the economy is actually improving.

 

[ancientmariner]

Clown is giving him way too much credit. It is an insult to clowns everywhere.

 

[PsyOps]

Government spending always spikes in October as agencies need to spend the rest of their money to justify next year's budget requests.

:shrug:

U.S. Economy Grew 2.0 Percent in Third Quarter | TheBlaze.com

The U.S. economy expanded at a 2 percent annual rate from July through September, buoyed by a slight uptick in consumer spending and a 9.6 percent spike in government spending, according to the first of this quarter’s three GDP reports...

“This was the biggest rise in government spending in 3 years, and only the first contribution by Uncle Sam to its own GDP print since Q2 2010,”

Coincidence?

 

[tommyjo]

Here is the actual report...its amazing how the context changes when one reads the complete sentence instead of stopping after the most politically expedient wording...(for those who don't know what that means...read the past the words "federal govt spending" in the first paragraph below...and then read the composition of the increased federal spending)

http://www.bea.gov/newsreleases/national/gdp/2012/pdf/gdp3q12_adv.pdf

"The acceleration in real GDP in the third quarter primarily reflected an upturn in federal government spending, a downturn in imports, an acceleration in PCE, a smaller decrease in private inventory investment, an acceleration in residential fixed investment, and a smaller decrease in state and local government spending that were partly offset by downturns in exports and in nonresidential fixed investment."

"Real federal government consumption expenditures and gross investment increased 9.6 percent in the third quarter, in contrast to a decrease of 0.2 percent in the second. National defense increased 13.0 percent, in contrast to a decrease of 0.2 percent. Nondefense increased 3.0 percent, in contrast to a decrease of 0.4 percent. Real state and local government consumption expenditures and gross investment decreased 0.1 percent, compared with a decrease of 1.0 percent."

 

[Gilligan]

Here is the actual report...its amazing how the context changes when one reads the complete sentence instead of stopping after the most politically expedient wording."

Wow! Amazing indeed.

This:

The acceleration in real GDP in the third quarter primarily reflected an upturn in federal government spending

is considerably different than this:

The U.S. economy expanded at a 2 percent annual rate from July through September, buoyed by a slight uptick in consumer spending and a 9.6 percent spike in government spending

Thanks for the context TJ!. Yr brilliant.

 

[Baja28]

Wow! Amazing indeed.

This:
is considerably different than this:

Thanks for the context TJ!. Yr brilliant.

Shhhhh..... he's convincing himself that he's smorter than everyone else by saying the same thing we say.

 

[Gilligan]

Shhhhh..... he's convincing himself that he's smorter than everyone else by saying the same thing we say.

oh. Right. I'll go back to reading my Mad Magazine then.