U.S. GDP grew at a 4.9% annual pace in the third quarter, better than expected

The U.S. economy grew even faster than expected in the third quarter, buoyed by a strong consumer in spite of higher interest rates, ongoing inflation pressures, and a variety of other domestic and global headwinds.

Gross domestic product, a measure of all goods and services produced in the U.S., rose at a seasonally adjusted 4.9% annualized pace in the July-through-September period, up from an unrevised 2.1% pace in the second quarter, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had been looking for a 4.7% acceleration in real GDP, which also is adjusted for inflation.

https://www.cnbc.com/2023/10/26/us-...n-the-third-quarter-better-than-expected.html

____________________________

The economic policies put in place by the Biden administration have led the country into an era of almost historic prosperity.

It remains to be seen whether this growth will continue through to the end of 2024.

While there were doubts about the effects of the FED's rate hikes, we can now see that monetary policy is bearing fruit.

 

Hey, don't expect to get a response from our resident doom and gloom peddlers, they are pretty sore today that the recession they are hoping for will have to be delayed a little bit longer.

 

Better let @sec know. He posts nothing but economic gloom and doom.

This will alleviate his stress, poor fellow.

 

I know.

But it’s a guilty pleasure to torpedo their narrative.

I wonder what @sec thinks about this....

 

over the last few months I have basically been from coast to coast USA..

if anybody thinks the economy is bad, please dont tell the real state developers.

new high rise apartments/condos are being built in every city I traveled to

Seattle is soon to complete a new rail system...with Amazon, Microsoft, Boeing, starbucks, Costco all being headquartered around the area...busness and real estate is booming in the NW

from Savannah to Seattle to Miami to Phoenix...all have huge projects being built

in Hollywood Florida alone, are 3 new high rise buildings going up within 300 yards of each other

I stayed days few days in my favorite southern city savannah Georgia..the port there is in the process of a $450 million expansion. somebody is gonna buy the chinese junk being sent here

and yes, just outside the historic district is a huge high rise apartment/condo building soon to be completed...

these developers know a thing or 2 about the future economy I would guess ..

some body is gonna spend between $500k and a $million bucks to buy these places

then pay a $1000 a month for association fees...and dont forget the property taxes

the developer's aint spending hundred's of $millions without knowledge the money will be returned with a profit

am I the only person that has noticed the development of the suburbs??

 

And yet, as I stated in the other thread on this topic, I'm seeing none of it. Yay for families with people still in their working years, but for those of us on a fixed income, too old or ill to work, things are dire.

For the last year, I've had to use my credit card to buy groceries, the costs of which remain at pandemic, supply shortage prices. When necessities go up by nearly 30%, but all you get is a 9% increase in benefits, that is unsustainable. My credit is maxxed out, and after paying my bills, I've less than $100 with which to feed myself until the end of November. I see no light at the end of that tunnel.

Sorry, but I have to wave the BS flag on this.

 

Just because it doesn't affect you personally doesn't mean the data is false.

Thousands of people go bankrupt every month even though the economy is growing.

 

so you blame the government for your dire straights ??

 

You could've simply typed 'the wealthy and rich are thriving' and it would've been the same.

Middle class and below....not so much.

Go on and do some research. Check out polling etc. The economy is always good for some people. Pointing that out isn't news.

 

From your own link:


“This report confirmed what we already knew: The consumer went on a shopping spree in the third quarter,” said Michael Arone, chief investment strategist for U.S. SPDR Business at State Street Global Advisors. “I don’t think anything in this report changes the outlook for monetary policy. That’s why I don’t think you’re seeing an overreaction from markets.”

While the report could give the Federal Reserve some impetus to keep policy tight, traders were still pricing in no chance of an interest rate hike when the central bank meets next week, according to CME Group data. Futures pricing pointed to just a 27% chance of an increase at the December meeting following the GDP release.

“Investors should not be surprised that the consumer was spending in the final months of the summer,” said Jeffrey Roach, chief economist at LPL Financial. “The real question is if the trend can continue in the coming quarters, and we think not.”

 

These same economists have been predicting a recession for 2 years. Whenever they are proven wrong, they make excuses like this.

 

the Republican run FED not gonna be happy, they gonna raise interest rates again to kill the hot Biden economy that just wont die

 

being in my mid sixties, I have watched many changes take place in my lifetime

the definition of middle class has changed drastically.

middle class of 40 years ago would be considered the poverty level by todays standards

40 years ago, just qualifying for a home loan meant you were middle class

a family taking a vacation once a year or so..flying on an airplane was considered a luxury

and eating out a couple times a month was a real treat

a teenager working summers to buy a used car was the norm for the middle class

the above standard of middle class have long gone

the price of an iPhone in todays world costs as much as a used car once did..

in todays world, middle class means owning more than one home..

many that consider themselves middle class own 2 or more homes...

todays middle class family of 4 buy $5000 dollars worth of cell phones once a year

the standard of living has drastically changed over the years..

these days, if a kid has to work as a teenager to buy a car they think they are poor, or if daddy dont fork over
a $1000 bucks for an Iphone and put the kids on the family plan the kid thinks they are poor ..

people enjoy complaining and blaming others when they feel life has not been fair

 

That's so true. I am 58 years old. When I was young, I had to wait until I was 21 to get my first car, a beater hand-me-down from my parents. When my son turned 16 three years ago, he got a car, as did ALL of his friends. Also, when I was in school, I ate the cafeteria lunch. My son and his friends pick up lunch from subway, DD..... Expectations have changed, a LOT.

That's not to say that families are not feeling a real crunch, and that has been the case even before covid. While items like electronics tend to stay affordable, the necessities are what is killing family budgets, in other words, health care, food, housing. That's why the vast majority of Americans has utterly inadequate retirement savings, and they can't cover a minor financial emergency without going into credit card debt. The reality is that more and more of the American dream is financed by credit card debt.

That's why it is so important to protect SS. The GOP long term plan is to privatize it, so that the average consumer can tap into that money pool, too, to finance economic growth and then have nothing left when they need to retire. The rat race from cradle to grave, that's the dream the GOP has in store of us, all in the name of economic growth-- that mostly goes to the top few %. And the little guy is left further and further behind.

 

the things you bought when I was younger lasted, planned obsolescence is harming society bigly

when I was young, saving up and buy the best was a wise choice, nowadays, the best is likely to last as long if not less than the cheap stuff

 

nah, higher prices= higher spending

rah rah, folks in debt. US debt grew more. break out the Democrat pom poms

How are auto, rv, marine and home sales going?

Allow me to create a new thread

Silly Democrat voters who cannot get past their cheering for anything team Democrat

 

yes, the Republican run FED has done some harm for sure

 

Partially agree. There was a book written about 20 years ago called "The Walmart Effect", how people had gotten used to the throw away items, just buy cheap stuff more often. I replaced a 1980's era dishwasher with a new one around 2010. The old one had a lot more steel and weighed almost double. But, that newer one has lasted 13 years now, and has more room, is more efficient, and cleans dishes better. Sometimes "advancement" takes an actual step back, but often it's better in some ways.
Take cars for example, I'm 62, turned 16 in 1977. Back then, a 10 year old car with 90k miles was an old car, about to be trashed after the young person who bought it for $500 ran it into the ground. I have been involved in the used car business lately, and I was shocked at what a truck with 177k miles was going for. But, the newer cars are lasting a lot longer, but with a higher price.
Technological advances don't always work out (Windows 8 anyone?), but overall it usually gets better, most times with a higher cost.

 

which was in response to free cash and useless lockdowns. Also, executive orders against fossil fuels that were signed in January 2021 by the newly elected POTUS

drive up energy costs/ all prices and wages shoot up to compensate, resulting in inflation and folks falling behind. That is the sad reality that incompetent DC folks will never understand as they are too busy getting their pockets lined while we the peasants must pay.

 

new cars break down more often though and cost a LOT more to fix, all that digital stuff

I prefer a new truck made in 1980 to 2000, then one made in 2023

 

yes, lot of money was dumped by FED into the Trump economy, both before and after Covid

the fed doesn't do this during a great economy... that the economy was great pre-covid is one of the biggest lies the Republicans ever told.


"Fed Ups Its Wall Street Bailout to $690 Billion a Week as Media Snoozes" Oct 2019

https://wallstreetonparade.com/2019...ilout-to-690-billion-a-week-as-media-snoozes/

and

"The Federal Reserve Has Already Pumped $9-Trillion into Wall Street in the Past Six Months, and Now Is Offering Banks Another $1.5-Trillion" March 2020

https://needtoknow.news/2020/03/the...d-now-is-offering-banks-another-1-5-trillion/

 

The only thing growing rapidly- is gullibility and danger, people literally watching their life falling apart and believing the bullshit the Biden administration feeding them.
Real-world data and conditions and your opinon here are polar opposites. No sense trying to illustrate that with credible evidence to people buying the lies, they're already lost.

 

Yet when Trump was doing just 2% growth, running a deficit, but job numbers were good, that was supposed to be utopia.

 

progress cannot be stopped...

this is why I find it strange that so many right wingers refuse to accept the changing world

in politics and everyday life, for better or worse..change is constant

I have said many times "accept change or be miserable"

below are some of the important changes in everyday American life

.............
fuel injection changed the gas combustion engine in the 80's

before fuel injection, spark plugs needed to be replaced every 20,000 miles

now a car with 200,000 miles runs fine with the original spark plugs

not to mention the progress disc brakes and radial tires made to the automobile

I agree, advancement does not always equal convenience ..

back in the day a household had one telephone number

middle class people had 2 phones and one with a long cord in the kitchen

today a child has a telephone and their own phone number before reaching double digit age

I remember I had many friends refused to buy a cell phone..

they would say things like, "I can't see the numbers."

along came the smartphone

these same friends now cannot live life without a handheld device

instead of 3 television channels, today there are 100's of channels and 20 different news stations

and the content of these news stations is mostly opinion and uses the ole "free speech" excuse when caught lying

people seem to think cancel culture is a new thing...cancel culture has been around as long as I can remember

the mullet haircut was cancelled!! lol ..the land line phone has been cancelled

anybody remember what happened to broadcast radio?? it was cancelled because something smarter came along

most of my life, if a friend was diagnosed with cancer, within a few years that friend was dead

these days cancer is treated and people live for decades after a cancer diagnoses

and back to the topic.

there is lots of money in the world...

and most people seem to never have enough

the rich only want more money..

the middle class thinks they are poor because they are not wealthy and own 3 homes

the lower class people think they are poor because the political system is rigged

when the above changes so will the world




accept change or be miserable

 

GDP is not a measurement in the number of products made, but of the price those products sold for.

If we produce thousand products and they sell for $10,000- then the next year with inflation of material costs and the difficulty of getting people to work, we only sell 900 products, but inflation has pushed the price of the 900 to $11,000, we have ... A 10% increase in GDP, and can tell the people things are doing fine! All it takes to announce that is having an unprincipled jackass running the government that way.

Reality is a bit different.
We have 10% fewer products for the same number of people, and the inflated price has made the products unaffordable for many of them.

The first question to ask is what kind of mindset and values would be needed for a president to announce numbers like that and claim they're doing a great job...
And how much such a person would have to despise his fellow Americans to do that.

The next question- is why anybody with eyes and ears would buy it.