Who could have guessed that the stimulus was stimulating the economy? The 3rd quarter estimated GDP was released this morning:
The U.S. economy grew at a 3.5% annual rate in the third quarter, ending a string of declines over four quarters that resulted in the most severe slide since the Great Depression.
The growth, reported by the government Thursday morning, was slightly stronger than expectations. Economists surveyed by Briefing.com had forecast 3.2% growth in gross domestic product, the broadest measure of the nation’s economic activity. The economy shrank at a 0.7% rate in the second quarter.
It was the first gain in GDP in 4 quarters. We’re definitely not out of the woods yet because hiring has not picked up yet. I take this as a positive sign that we’ll start feeling the recovery soon.