Second estimate of third-quarter GDP out; growth rate marked down to 2.8%. This is really quite grim. At this growth rate it's far from clear that we're doing anything to reduce the output gap -- the gap between what the economy could produce and what it's actually producing. Correspondingly, there's no reason now for even a bit of optimism on unemployment.
Second estimate of third-quarter GDP out; growth rate marked down to 2.8%.
This is really quite grim. At this growth rate it's far from clear that we're doing anything to reduce the output gap -- the gap between what the economy could produce and what it's actually producing. Correspondingly, there's no reason now for even a bit of optimism on unemployment.
The U.S. economy expanded at a 2.8 percent annual rate in the third quarter, less than the government reported last month, reflecting a smaller gain in consumer spending and a bigger trade deficit. The increase in gross domestic product from July through September reported today by the Commerce Department in Washington compares with a 3.5 percent gain previously estimated. Corporate profits climbed by the most in five years....Much of the boost last quarter was provided by the administration's auto-incentive program known as "cash for clunkers," which offered buyers payments of as much as $4,500 to trade in older cars and trucks for new, more fuel-efficient vehicles. The plan, which ended in August, boosted sales by about 700,000 vehicles, according to the Transportation Department.
The increase in gross domestic product from July through September reported today by the Commerce Department in Washington compares with a 3.5 percent gain previously estimated. Corporate profits climbed by the most in five years....Much of the boost last quarter was provided by the administration's auto-incentive program known as "cash for clunkers," which offered buyers payments of as much as $4,500 to trade in older cars and trucks for new, more fuel-efficient vehicles. The plan, which ended in August, boosted sales by about 700,000 vehicles, according to the Transportation Department.
I know this is like beating a dead horse, but the fact is they haven't buried the long dead animal and it stinks to high heaven! "Beware of the man who does not talk, and the dog that does not bark." Cheyenne
About the only way money money is actually spent away from USA is buying fuel and supplying bribes.
If they built anything in the US, that wouldn't be US jobs cos they'd pay illegals to build it (cheap labour) and the chinese to supply the kit (cheap goods). keep to the Fen Causeway
Basically, we may be in a technical recovery, but we're not recovering.
