Economic growth unexpectedly revised upward in 2nd quarter

[Joy in Mudville]

Sorry, that should say third quarter

The U.S. economy grew faster than previously estimated in the third quarter as exports and government spending provided a lift, but that boost is likely to be lost amid slowing global demand and a move towards tighter fiscal policy.

Gross domestic product expanded at a 3.1 percent annual rate, the Commerce Department said in its third estimate

Read more: http://www.foxbusiness.com/economy/2...#ixzz2FbwflvEL

Where is Sushilover? He's always trying to find out how 'our boy' is doing on the economy.

[Marshan Man]

My..my... that was unexpected.

[gonzoliberal]

My..my... that was unexpected.

....by some...

[SemiAuto]

Sorry, that should say third quarter



Where is Sushilover? He's always trying to find out how 'our boy' is doing on the economy.

Hmmm, I wonder.

With imports falling for the first time since the second quarter of 2009, that narrowed the trade deficit. Trade contributed 0.38 percentage point to GDP growth. The drop in imports is a sign of weak domestic demand.

Weak domestic demand is good news?

Government spending was revised to a 3.9 percent growth rate from 3.5 percent, boosted by a rebound in state and local government outlays. It added three quarters of a percentage point to GDP growth in the third quarter.

How much of this is debt? Federal deficits alone are crushing GDP.

The boost from exports is likely to be short-lived against the backdrop of a cooling global economy. Government will likely be a drag in the coming quarters amid belt tightening to trim the budget deficits.

A short lived export boost.

While growth in consumer spending, which accounts for about 70 percent of U.S. economic activity, was raised by 0.2 percentage point to a 1.6 percent rate, that mostly reflected higher health care costs.

Hardly something to cheer about.

[SalisburySage]

You Dems are kidding right? This is zero good news here. You low information voters are walking in a welfare wonderland.

[Joy in Mudville]

How much of this is debt? Federal deficits alone are crushing GDP.

Since most state and local governments are required to run balanced budgets and since the government spending referred to is by state and local governments who are seeing increased revenue, not much of this is debt.

Federal deficits are not crushing gdp. The financial crisis and resulting recession drove down demand which led to a decrease in GDP which also led to a decrease in revenue which drove up the deficit. In addition, during a recession, mandatory spending such as unemployment insurance, food stamps, and increased medicare outlays also tend to drive up a deficit.

What we are seeing is more people going back to work and a resulting increase in consumer spending. We also saw businesses restocking inventories which indicates that their inventories had become somewhat depleted by purchases from consumers or other businesses. And, we are seeing that the glut in housing supply is beginning to go down and housing starts beginning to rise.

[soulflower]

Not unexpected by me.

I had one of the busiest 3rd quarters ever

[Joy in Mudville]

You Dems are kidding right? This is zero good news here. You low information voters are walking in a welfare wonderland.

This is coming from someone who lives in an alternate reality with his own unique set of 'facts' that bear no resemblance to anything that could be construed as evidence or statistics.

[SalisburySage]

This is coming from someone who lives in an alternate reality with his own unique set of 'facts' that bear no resemblance to anything that could be construed as evidence or statistics.

So you are admitting you live in an alternate universe where Obamatoons spin bad news into gold.

http://www.rushimg.com/cimages//medi...rsonofYear.jpg

[flyboy56]

Since most state and local governments are required to run balanced budgets and since the government spending referred to is by state and local governments who are seeing increased revenue, not much of this is debt.

Federal deficits are not crushing gdp. The financial crisis and resulting recession drove down demand which led to a decrease in GDP which also led to a decrease in revenue which drove up the deficit. In addition, during a recession, mandatory spending such as unemployment insurance, food stamps, and increased medicare outlays also tend to drive up a deficit.

What we are seeing is more people going back to work and a resulting increase in consumer spending. We also saw businesses restocking inventories which indicates that their inventories had become somewhat depleted by purchases from consumers or other businesses. And, we are seeing that the glut in housing supply is beginning to go down and housing starts beginning to rise.

If the economy is doing so well then why did Bernanke just authorize QE4 Indeffinently? And what do you think would happen if he turned the flow of money off? Watch Japan's economy grow with it's new stimulus plan. The only way to really see the true state of the economy is to turn off the primer money.

[SemiAuto]

Since most state and local governments are required to run balanced budgets and since the government spending referred to is by state and local governments who are seeing increased revenue, not much of this is debt.

Federal deficits are not crushing gdp. The financial crisis and resulting recession drove down demand which led to a decrease in GDP which also led to a decrease in revenue which drove up the deficit. In addition, during a recession, mandatory spending such as unemployment insurance, food stamps, and increased medicare outlays also tend to drive up a deficit.

Federal deficits are crushing GDP.
2009 -10.1%
2010 -9.0%
2011 -8.7%
This is clearly outpacing growth. Total federal debt is generational. This is crushing.

What we are seeing is more people going back to work and a resulting increase in consumer spending. We also saw businesses restocking inventories which indicates that their inventories had become somewhat depleted by purchases from consumers or other businesses. And, we are seeing that the glut in housing supply is beginning to go down and housing starts beginning to rise.

The increase in consumer spending is described as being mostly attributed to rising health care spending.
Restocking can also be channel stuffing (see GM).
Housing does seem to have finally shaken off the recession but still has a long way to go.

[soulflower]

The increase in consumer spending is described as being mostly attributed to rising health care spending.
Restocking can also be channel stuffing (see GM).
Housing does seem to have finally shaken off the recession but still has a long way to go.

Businesses are beginning to spend money too. I work in the broadband industry and business has really picked up since June. Most of my customers are small businesses that get contracts from large corporations. Anecdotal evidence of course.

[BiggSeth]

Sorry, that should say third quarter



Where is Sushilover? He's always trying to find out how 'our boy' is doing on the economy.

Q: what is the deficit to GDP ratio under obama?

[CajunRaven]

Well, this is great, things finally start picking up the day before the world ends!

[Joy in Mudville]

The increase in consumer spending is described as being mostly attributed to rising health care spending.
Restocking can also be channel stuffing (see GM).
Housing does seem to have finally shaken off the recession but still has a long way to go.

In part because people were putting off medical procedures during the recession because they couldn't afford them.

Hey, if you want to point out that we have a lousy health care system you'll get no argument from me.