US Economy Hits 5% Growth Rate, Highest Since 2003

[InTheLight]

The U.S. economy grew at its fastest rate in more than a decade between the months of July and October, helped by a surge in consumer spending, according to government data released Tuesday morning.

The Commerce Department said gross domestic product growth hit an annualized rate of 5 percent in the third quarter, revised upward from the previous estimate of 3.9 percent. Not since 2003 has the economy expanded so quickly.

The third quarter performance, coupled with 4.6 percent growth in the second quarter, amounts to the best sign since the Great Recession that the U.S. recovery has hit its stride.

http://www.washingtonpost.com/blogs...er-the-fastest-in-more-than-a-decade/?hpid=z1

 

[Crabtownboy]

Thanks for the post. I was going to post an article on this. Good news for the American people.

 

[church mouse guy]

 

[Bro. Curtis]

Combination of the budget being passed, government spending increasing, and a rise in consumer spending.

 

[Bro. Curtis]

Also, the U.S. Government owes over 2 1/2 TRILLION dollars to social security. At some point, it's going to have to be paid back. Funny how that doesn't have any bearing on the debt, or growth rate, officially.

 

[carpro]

The resilience of our economy never ceases to amaze.

Despite the obstacles put in the way by Obama, the economy continues to come back. Without an administration that is deliberately unfriendly to business, it would have happened years earlier.

 

[InTheLight]

The resilience of our economy never ceases to amaze.

Despite the obstacles put in the way by Obama, the economy continues to come back. Without an administration that is deliberately unfriendly to business, it would have happened years earlier.

And it would have happened sooner without the uncertainty of ObamaCare looming over the economy. And probably stronger.

 

[righteousdude2]

Thanks for the post. I was going to post an article on this. Good news for the American people.

Do you and I'm the Liberal secretly work for the Dept. Of Commerce? Every month you guys post a faux hope from change, of things not true. I look forward to the reports, though, kind of like my daily dose of newspaper comics. :laugh: :smilewinkgrin: :wavey:

 

[InTheLight]

Do you and I'm the Liberal secretly work for the Dept. Of Commerce? Every month you guys post a faux hope from change, of things not true.

If you are going to call the government a liar, and by extension call me a liar, please point out what is false about the growth numbers.

 

[carpro]

And it would have happened sooner without the uncertainty of ObamaCare looming over the economy. And probably stronger.

Exactly. And when all the tax increases, penalties, and fees incorporated into Obamacare have kicked in, it will continue to be drag on the economy.

 

[plain_n_simple]

It's temporary, watch for a dive in 2015.

 

[carpro]

It's temporary, watch for a dive in 2015.

Wouldn't be surprised at all.

Do you think someone is cooking the books a little?

 

[plain_n_simple]

Yes, books are being cooked, leaders are not giving God glory, deception abounds, we are headed for disaster.

 

[righteousdude2]

Yes, books are being cooked, leaders are not giving God glory, deception abounds, we are headed for disaster.

Not really, headed......we are already in the midst of a disaster. Just too blind to realize the boat is sinking!

 

[righteousdude2]

If you are going to call the government a liar, and by extension call me a liar, please point out what is false about the growth numbers.

​

Quit being so touchy!

You know that this president tells nothing but lie after lie, and if you choose to believe his lies and post them as truth, you can expect more rebuttals!

I don't have to post facts, just look around, and you will see millions of Americans who have given up on getting a job. Millions of Americans who work three and four part-time jobs to make ends meet. And they work part time because of Obamacare and employers not willing to pay for insurance, so they hold these employees to 29 hours or less! Finally, the numbers don't lie, when tey report that more Americans are on welfare than at any time in our histroy of a nation! Thank God for welfare, or we'd have long soup lines, like in FDR's day as a leader!

You know the truth, but you refuse to believe it! So you continue to promote facts that just aren't true. That is your right, and this is my right to burst your bubble!

I leave you with what could easily be a cartoon caricature of you when you post these ridiculous reports...

​

 

[Earth Wind and Fire]

Also, the U.S. Government owes over 2 1/2 TRILLION dollars to social security. At some point, it's going to have to be paid back. Funny how that doesn't have any bearing on the debt, or growth rate, officially.

Ya like that spin?!? Oh yea...we are in great shape....God bless us everyone

 

[Crabtownboy]

It is interesting how GOP politicians are totally silent on the economic news just out and how BB Obama haters jump through all kinds of illogical hoops to try to make it negative. Most dishonest ... but amusing and not surprising.

 

[InTheLight]

I don't have to post facts

You rarely do.

just look around, and you will see millions of Americans who have given up on getting a job.

Only tangentially related to the OP.

Millions of Americans who work three and four part-time jobs to make ends meet.

Yep, there's that problem you have with posting facts.

And they work part time because of Obamacare and employers not willing to pay for insurance, so they hold these employees to 29 hours or less!

Which is it--they're working part time because the economy is bad or they're working part time so their employer can deny them health insurance?

Finally, the numbers don't lie, when tey report that more Americans are on welfare than at any time in our histroy of a nation!

There are more people in our nation than at any other point in our history.

You know the truth, but you refuse to believe it! So you continue to promote facts that just aren't true.

There you go again, calling me a liar. Shameful.

The GDP numbers are compiled by the Bureau of Economic Analysis, a non-partisan agency in the US Dept. of Commerce. If you want to assume the numbers are falsified, you must also assume that the numbers from the Reagan era were falsified as well.

 

[Revmitchell]

It is interesting how GOP politicians are totally silent on the economic news just out and how BB Obama haters jump through all kinds of illogical hoops to try to make it negative. Most dishonest ... but amusing and not surprising.

Maybe you should just take a break. There is nothing in the op that supports you attacking others on this board who hold to a view other than your own. Also to do so is off topic. Maybe you can give the anger in your heart a rest.

 

[poncho]

This is simply stunning.

Regular readers will recall that last month, at the same time as the US Bureau of Economic Analysis reported was a far better than expected 3.9% GDP (since revised to 5.0% on the back of the previously noted Obamacare spending surge), it also released its Personal Spending and Income numbers for the month of October, or rather revised numbers, because as we explained exactly one month ago "Americans Are Suddenly $80 Billion "Poorer"" thanks to (upward) revised spending data and (downward) revised income. What this meant a month ago is that as a result of a plunge in the imputed US savings rate, some $80 billion in personal savings was revised away from the average American household and right into the US economy.

After all, something had to grow the US GDP by a massive amount in order to give the Fed the green light it needs to hike rates eventually, just so it can then ease when the global dry powders from all the other central banks is used up.

And sure enough, this is how just one month ago, personal income was revised lower...

< snip >

So what does this mean? Well, as we learned earlier US GDP grew in Q3 by a nominal $272 billion to $17.6 trillion. We now know that more than half of this increase came from, drum roll please, data revisions!

In other words, US GDP, using pre-revision data, would have been less than 2.5%. But that would hardly lead to the euphoric blow-off top rally we have seen today which sent the DJIA for the first time ever above 18,000, which in turn is so critical to boost consumer confidence so Americans will, in real life, do what the BEA hopes they have already done at least on paper, and that is reduce their savings by a whopping 20% at the end of September, or by some $140 billion, to $593 billion in order to spend, spend, spend.

And the other irony: as the BEA also reported, what did Americans allegedly spend the bulk of their savings on?

Obamacare.

http://www.zerohedge.com/news/2014-12-23/exposing-deception-how-us-economy-grew-140-billion-q3-due-data-revisions