3rd Quarter GDP Grew 3.5%
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.
Tags: The Economy
Here is a post on the effect of the stimulus. It’s estimated that the stimulus added 2-3% to economic growth.
I’m happy that the 2nd Bush Recession is over, now we have to get peeps back to work (he comments while at work).
I can’t wait to hear it explained to me how economic growth is an Obama-induced catastrophe. It must be, since all of his policies will lead to ruin. I’ll bet right now, someone is
fabricatingcreating a report that proves that GDP would have grown 7% if we had only put all the stimulus into tax breaks for the rich.Just downloaded this string from my twitter page:
-Not only do we need an industrial economy, need an industrial economy that hires young workers
-Head of US Steel: China has rebuilt its steel infrastructure in 6 months. US has capacity, just no political will
-Rosa DeLauro: We’re losing a generation of workers, capacity for R&D
-At CAF presser, Bob Borosage: US already has green jobs deficit w China
-Leo Gerard: If they’d given manufacturing the same goddam access to capital they gave the banks, we wouldn’t have this problem (para).
~~~~~
US banks/ financial markets and government have been ‘working it’ for stockholders, not constituent Americans, for three decades now.
Create jobs in the US and reinvest in a homegrown industrial sector? Only under pressure. Constituent pressure.
It seems like the trend in global investments is unAmerican on its face and considering how much Congress is ‘owned’, someone has to call out Carper, Castle and Biden on their votes to deregulate Wall Street.
Tom and Mike are on their finance committees. What are we gonna see from them this coming year?
Oh, that’s right. I forgot that this is the Bush Recovery. Commie Obami is always trying to take credit for all the great work done by our most recent real President.
(Ouch. I think I pulled my sarcasm muscle.)
So, Mike Protack and David Anderson, how did the Stimulus fail again?
Can’t wait to read the excuses from the GOP and Libertarian websites about this movement toward recovery. The sophistry will be as strained as it will be comical.
Indeed it will, Dana.
And I think that if the stimulus has been adding a few percentage points to the GDP for the last two quarters, you begin to see how a larger stimulus would have actually fired up hiring some by now.
This growth is good news, but it is worth remembering that this economy is no where near out of the weeds yet. Forclosures are still at record levels and job losses are still painful and rippling through the economy. CRE failures haven’t been felt yet, either. It is better than it would have been without the stimulus, but it ain’t over unfortunately.
I have a friend who is working at Harrington Slots… she said the weekends are picking up, but the week remains dead. She said it was bleak for a while.
Yes, we’re definitely not out of the woods but there are some positive signs. I’m ready for employment to start picking up, but I think that lags at least 6 months. I guess that means early next year?