U.S. Economy Roars Back, Grew 2.9% in Third Quarter

[InTheLight]

U.S. Economy Roars Back, Grew 2.9% in Third Quarter

WASHINGTON—U.S. economic growth accelerated last quarter, easing fears of a near-term slowdown but doing little to change the trajectory of a long but weak expansion.

Gross domestic product, a broad measure of goods and services produced across the economy, expanded at an inflation- and seasonally adjusted 2.9% annual rate in the third quarter, the Commerce Department said Friday. That was stronger growth than the second quarter’s pace of 1.4%. Economists surveyed by The Wall Street Journal expected growth at a 2.5% pace for the July-to-September period.
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Talk about lowered standards! 2.9% growth is a roaring economy? Since when? And this is the Wall Street Journal! Pathetic.

Obama's average GDP growth is somewhere around 2.2% per quarter; Reagan's average was 4.6%.

 

[Revmitchell]

US GDP Grows 2.9% In Third Quarter - We're Measuring GDP Wrongly

The latest Gross Domestic Product figures for the United States are out and we’re seeing that in the latest, third, quarter the economy grew at 2.9%. This could be described as “roaring back” as some have put it, could be described as pretty mediocre growth after a recession of the depth that we’ve had. As, actually, the same people who said roaring also described it. We should also note that this is an early figure, very subject to revision and revision in either direction in the future. Some part of this is numbers actually known and added up, other parts are simply projections and estimates. Thus the potential for later revisions.

Myself I take this as a confirmation of a long standing suggestion of mine–we’ve a problem in our methods of estimating GDP. More specifically, we’ve got something wrong in our methods of making seasonal adjustments. Please do note this is a suggestion, not an ex cathedra announcement. It’s also not a major problem and I’m not trying to suggest the sort of fixing or fraud that some try to insist upon about unemployment numbers. Rather, we’ve a technical problem here which we’d like to fix, assuming, of course, that I’m right in the first place.

http://www.forbes.com/sites/timwors...rter-were-measuring-gdp-wrongly/#1b9a171e108c

 

[Crabtownboy]

So, Rev. quotes an opinion piece. Heaven knows we can always find vast differences of opinion with economists.

I'd rather see it at 2.9% then at 0% or negative.

 

[InTheLight]

I'd rather see it at 2.9% then at 0% or negative.

2.9% is definitely not "roaring".

As far as I'm concerned anything under 3% is unacceptable.

 

[Earth Wind and Fire]

U.S. Economy Roars Back, Grew 2.9% in Third Quarter

WASHINGTON—U.S. economic growth accelerated last quarter, easing fears of a near-term slowdown but doing little to change the trajectory of a long but weak expansion.

Gross domestic product, a broad measure of goods and services produced across the economy, expanded at an inflation- and seasonally adjusted 2.9% annual rate in the third quarter, the Commerce Department said Friday. That was stronger growth than the second quarter’s pace of 1.4%. Economists surveyed by The Wall Street Journal expected growth at a 2.5% pace for the July-to-September period.
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Talk about lowered standards! 2.9% growth is a roaring economy? Since when? And this is the Wall Street Journal! Pathetic.

Obama's average GDP growth is somewhere around 2.2% per quarter; Reagan's average was 4.6%.

Yes but now you will have Hillary as POTUS...She will fix everything

 

[Crabtownboy]

2.9% is definitely not "roaring".

As far as I'm concerned anything under 3% is unacceptable.

However, it is the fastest it has grown in the last two years.

 

[InTheLight]

However, it is the fastest it has grown in the last two years.

Kind of like saying, "You look nice today. There's hardly any pus oozing out of your sores."

 

[carpro]

However, it is the fastest it has grown in the last two years.

Yep. Thanks to the economic knucklehead named Obama.


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[Crabtownboy]

Yep. Thanks to the economic knucklehead named Obama.


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At least it is growing and not collapsing as it was under Bush.

 

[Revmitchell]

Every quarter the reports have had to be given again because they were wrong the first time. Every quarter the initial reports makes it look bigger and better than the actual revised reports. The likelihood that it will again occur for this report is very likely and the reality will be worse.

 

[InTheLight]

Every quarter the reports have had to be given again because they were wrong the first time. Every quarter the initial reports makes it look bigger and better than the actual revised reports. The likelihood that it will again occur for this report is very likely and the reality will be worse.

The revised numbers sometimes go up, sometimes go down, just like the unemployment numbers revisions.

 

[Earth Wind and Fire]

Yep. Thanks to the economic knucklehead named Obama.


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Id say the term "Ignoramus" is more descriptive than knucklehead.

Cheer up though .... soon you can choose between a Nut or a Crook. Pick your poison.

 

[Revmitchell]

The revised numbers sometimes go up, sometimes go down, just like the unemployment numbers revisions.

Ok that is irrelevant to what I said. the recent history is they always go down.

 

[InTheLight]

Ok that is irrelevant to what I said. the recent history is they always go down.

You mean recent history like the LAST QUARTER?

The Commerce Department released their update to the second quarter GDP estimate and it’s up by 1.4%, rather stronger than the 1.1% they had reported earlier.

https://www.google.com/amp/www.forb...h-revised-up-to-1-4-not-great-but-better/amp/
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How about the quarter before that one?

Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate.

First-quarter GDP growth has now be revised higher by six-tenths of a point since the advance estimate was published in April.

https://www.google.com/amp/www.cnbc.com/amp/2016/06/28/final-reading-on-q1-2016-gdp.html



Sent from my Motorola Droid Turbo

 

[carpro]

Id say the term "Ignoramus" is more descriptive than knucklehead.

Cheer up though .... soon you can choose between a Nut or a Crook. Pick your poison.

Ignoramus is good. So is economically illiterate. Ideologically driven economics is his game and it always fails.

 

[HankD]

U.S. Economy Roars Back, Grew 2.9% in Third Quarter

How come then Social Security recipients are only receiving a three-tenths of one percent 2017 Cost of Living Adjustment (based upon 2016 economics)?

Why can't they have a Roaring increase?

https://www.ssa.gov/news/cola/

HankD

 

[InTheLight]

Ok that is irrelevant to what I said. the recent history is they always go down.

You mean recent history like the LAST QUARTER?

The Commerce Department released their update to the second quarter GDP estimate and it’s up by 1.4%, rather stronger than the 1.1% they had reported earlier.

https://www.google.com/amp/www.forb...h-revised-up-to-1-4-not-great-but-better/amp/
--
How about the quarter before that one?

Gross domestic product increased at a 1.1 percent annual rate, rather than the 0.8 percent pace reported last month, the Commerce Department said on Tuesday in its third GDP estimate.

First-quarter GDP growth has now be revised higher by six-tenths of a point since the advance estimate was published in April.

https://www.google.com/amp/www.cnbc.com/amp/2016/06/28/final-reading-on-q1-2016-gdp.html

How about the most recent quarter (3rd quarter)?

The economy grew more rapidly than initially believed in the third quarter as stronger consumer spending juiced activity and more than offset weaker business investment.

The nation’s gross domestic product increased at a seasonally adjusted annual rate of 3.2%, up from the 2.9% first estimated, the Commerce Department said Tuesday, That’s the largest gain in two years. Economists surveyed by Bloomberg had forecast a revision to 3% growth.

http://www.usatoday.com/story/money/2016/11/29/economy-grew-solid-32-q3/94569108/

 

[HankD]

How about the most recent quarter (3rd quarter)?

The economy grew more rapidly than initially believed in the third quarter as stronger consumer spending juiced activity and more than offset weaker business investment.

The nation’s gross domestic product increased at a seasonally adjusted annual rate of 3.2%, up from the 2.9% first estimated, the Commerce Department said Tuesday, That’s the largest gain in two years. Economists surveyed by Bloomberg had forecast a revision to 3% growth.

http://www.usatoday.com/story/money/2016/11/29/economy-grew-solid-32-q3/94569108/

"Rigged" Statistics

HankD

 

[InTheLight]

 

[InTheLight]