Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
From what I read it was due to inventory restocking, not consumer/business spending which was revised lower than expected.
Take out inventories and you are left with 1.9%
Yeah, it's growing really fast unless you look at historical data and recoveries from recessions.
Anyways, you have something else to add to your "Fiscal Cliff" debacle:
Quote:
The Treasury anticipates that borrowing will reach the current limit near the end of December 2012. However, because the Treasury can take certain “extraordinary measures” that it has used previously when borrowing reached or approached the debt limit, CBO expects that the department will be able to continue funding government activities without an increase in the debt limit until mid-February or early March.
In the event that the debt limit is not increased before those measures are exhausted, the Treasury will not be authorized to issue additional debt that increased the amount outstanding. (It could only issue additional debt in amounts equal to maturing debt.) That restriction would severely strain the Treasury’s ability to manage its cash and could lead to delays of payments for government activities and possibly a default on the government’s debt obligations. Which of the government’s various financial obligations would be paid and which would not would be determined by the Administration.
Just for the future you can always use real data gathered for JEC here:
Quote:
Available from April 1995 forward, this monthly publication is prepared by the Council of Economic Advisers for the Joint Economic Committee. It provides economic information on gross domestic product, income, employment, production, business activity, prices, money, credit, security markets, Federal finance, and international statistics.
Economic Indicators back to 1948 are made available through FRASER, the Federal Reserve Archival System for Economic Research. FRASER is provided through a partnership between GPO and the Federal Reserve Bank of St. Louis. FRASER is not an official version of Economic Indicators and GPO can not guarantee the authenticity or completeness of the data. About Economic Indicators
From what I read it was due to inventory restocking, not consumer/business spending which was revised lower than expected.
Take out inventories and you are left with 1.9%
You DO realize don't you that inventory restocking is ALWAYS a part of the GDP? It comes and goes in waves. It was part of the GDP during the Bush years, the Clinton years, the Reagan years, etc, etc, etc.
You can forget about this post gaining many responses. It is based on reality and contains good economic news during a time in which conservatives insist the economy can't grow because our President is a raving socialist/communist bent on destroying the free market/capitalism.
Conservatives are liars.
Quote:
Originally Posted by LordBalfor
Good to see.
Expect to see continued improvement in the years to come.
Ken
Quote:
Originally Posted by LordBalfor
It's pretty close to the historical average of the last 65 years (3.2%) - and more than it averaged under Bush (2.3%). It's not as good as I'd like, but it's not a bad number.
Ken
Uh, GDP averages 2.89% annually since 1961.
So your payroll for 2nd Quarter netted $166,060,764,000 in FICA tax revenues, but, uh, your wonderful 2.7% growth in the 3rd Quarter netted only $140,154,163,000.
Yeah, that's right....your payroll declined in the 3rd Quarter.
Hey, that's only an 15% decline in your payroll, nothing to see here....all is well....declining payroll is good for America......lower household income is good for America......less money for people is good for America.....Americans making less money means the economy is improving.
You all do understand this is the 2nd Revision and that the Final Revision isn't due until December 21, right?
Not impressed....
For the record, the estimate was 2.8%, so we actually fell short.
But then again, GDP is revised 13 times (3 initials and one annual for 10 years) before a final number emerges, so why even dwell on it? Same with unemployment/payroll surveys: revised dozens of times before we can see the real picture.
So your payroll for 2nd Quarter netted $166,060,764,000 in FICA tax revenues, but, uh, your wonderful 2.7% growth in the 3rd Quarter netted only $140,154,163,000.
Yeah, that's right....your payroll declined in the 3rd Quarter.
Hey, that's only an 15% decline in your payroll, nothing to see here....all is well....declining payroll is good for America......lower household income is good for America......less money for people is good for America.....Americans making less money means the economy is improving.
Your post intrigued me so I dug a little deeper. I didn't see where you got your exact figures from, but I found similar ones on the SSA website. Funny thing, payroll tax collections have been higher in Q2 than in Q3 of the same year for at least the past 12 years (as far as I bothered looking), sometimes by significantly more than 15%. It's almost as if there is some big tax bill that comes due in Q2...
Our " gangbusters" economy netted a 1/10th of one percent decrease in October unemployment in Pa. Thats down from the consistant creep up of 1/10th of one percent fro the past few months to over 8%, but still hardly impressive. More like anemic.
Didn't I just read that overall spending in October thru November was weak and actually fell?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
