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Old 12-20-2013, 08:04 AM
 
Location: Long Island, NY
19,777 posts, read 12,794,641 times
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Looks like the economy is on an upswing. Economy grew at a 4.1% annual pace in the third quarter, much higher than estimates.

GDP Report: Economy grew at 4.1% annual pace in third quarter - Dec. 20, 2013
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Old 12-20-2013, 08:06 AM
 
Location: The High Plains
525 posts, read 472,668 times
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Quote:
Originally Posted by MTAtech View Post
Looks like the economy is on an upswing. Economy grew at a 4.1% annual pace in the third quarter, much higher than estimates.

GDP Report: Economy grew at 4.1% annual pace in third quarter - Dec. 20, 2013
Always good to hear.

After several quarters of sustained growth...some mild austerity should start.
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Old 12-20-2013, 08:33 AM
 
69,360 posts, read 59,792,565 times
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how is that possible? We were told non stop that shutting down the government was going to collapse the economy and cause even more damage than the sequester did.
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Old 12-20-2013, 08:41 AM
 
Location: Austin
14,505 posts, read 8,676,597 times
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The rise in GDP was driven almost entirely by the bounce in Personal Consumption which rose 2.0% compared to estimates of 1.4%. So where did this "revised" consumption came from?

The answer is a $15 billion revised increase in annualized spending, 60% was for healthcare, and another 27% was due to purchases of gasoline. The third largest upward revision: recreation services.

On the flip side, the biggest revision detractors: transportation services and housing and utilities.
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Old 12-20-2013, 08:51 AM
 
9,620 posts, read 5,350,252 times
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The GDP number included a large build up in inventories. Every time, every time; there is a build up in inventories, the subsequent quarters, (usually the next quarter, but sometimes will skip to the second quarter after), show an "unexpected" drop in GDP. Surprise, my asp. The economy has to work off those inventories.

It's good, but not that good, nor sustainable.
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Old 12-20-2013, 09:33 AM
 
Location: Florida
73,521 posts, read 40,748,676 times
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Quote:
Originally Posted by MTAtech View Post
Looks like the economy is on an upswing. Economy grew at a 4.1% annual pace in the third quarter, much higher than estimates.

GDP Report: Economy grew at 4.1% annual pace in third quarter - Dec. 20, 2013
It is fueled by consumer spending and business investment, which is good.

http://www.marketwatch.com/story/us-...-41-2013-12-20

WASHINGTON (MarketWatch) — The U.S. economy expanded in the third quarter at its fastest pace in two years owing to stronger consumer spending and business investment than previously reported, according to newly revised government figures.

Gross domestic product climbed at a 4.1% annual rate from July through September, the Commerce Department said Friday. Previously the increase was reported as 3.6%.
In Friday action, the improved GDP figure helped to push U.S. stock markets higher. Read Market Snapshot.

Last edited by Finn_Jarber; 12-20-2013 at 09:54 AM..
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Old 12-20-2013, 09:54 AM
 
Location: Laurentia
5,593 posts, read 7,167,323 times
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Quote:
Originally Posted by earthlyfather View Post
The GDP number included a large build up in inventories. Every time, every time; there is a build up in inventories, the subsequent quarters, (usually the next quarter, but sometimes will skip to the second quarter after), show an "unexpected" drop in GDP. Surprise, my asp. The economy has to work off those inventories.

It's good, but not that good, nor sustainable.
Exactly. Also, since 2010 there has been higher growth in winter followed by lower growth in summer, so I won't believe this bounce until I see one next summer. I suspect that MTA and Finn will be disappointed about next summer's numbers, but I'm sure they won't be bothered by it, since they'll find some way to blame the slump on the Republicans .
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Old 12-20-2013, 10:23 AM
 
Location: Ohio
23,158 posts, read 16,539,870 times
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Quote:
Originally Posted by pghquest View Post
how is that possible? We were told non stop that shutting down the government was going to collapse the economy and cause even more damage than the sequester did.
It was possible largely through the export of High Sulfur garbage petroleum products like diesel and gasoline to other Markets.

And a few other things, including Whirled Peas.

Quote:
Originally Posted by texan2yankee View Post
The rise in GDP was driven almost entirely by the bounce in Personal Consumption which rose 2.0% compared to estimates of 1.4%. So where did this "revised" consumption came from?

The answer is a $15 billion revised increase in annualized spending, 60% was for healthcare, and another 27% was due to purchases of gasoline. The third largest upward revision: recreation services.

On the flip side, the biggest revision detractors: transportation services and housing and utilities.
Good call.

Don't forget that the methodology and formula for calculating the GDP has changed as well.

Quote:
Originally Posted by earthlyfather View Post
The GDP number included a large build up in inventories. Every time, every time; there is a build up in inventories, the subsequent quarters, (usually the next quarter, but sometimes will skip to the second quarter after), show an "unexpected" drop in GDP. Surprise, my asp. The economy has to work off those inventories.

It's good, but not that good, nor sustainable.
I would be more impressed if they could generate enough in tax revenues to cover Social Security each month.


Employed
145,113,000 July 2013
144,775,000 November 2013
------------
338,000 Americans lost their jobs.

Obamabot: "This economy is on fire, baby! And no stoppin' it. GObama"

Employed Full-Time
117,688,000 July 2013
116,875,000 November 2013
------------
813,000 Americans lost their full-time job.

Obamabot: "GObama rules, this economy rocks! "

Too bad the fools don't realize there is no relationship between GDP and employment, or GDP and an increase in wages/salaries.

Economically...

Mircea

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Old 12-20-2013, 10:25 AM
 
23,837 posts, read 21,491,983 times
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It's time for liberals to explain to us why they thought the "sequestration" was an awful thing for America.

I won't hold my breath.
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Old 12-20-2013, 10:35 AM
 
Location: Florida
73,521 posts, read 40,748,676 times
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Quote:
Originally Posted by AeroGuyDC View Post
It's time for liberals to explain to us why they thought the "sequestration" was an awful thing for America.
Since Republicans insisted calling is "Obama's sequester", you should ask why they thought it was such a bad idea. Or was there some other reason they wanted to credit it to Obama? To me it seemed a fairly bipartisan thing to do. You can only speculate how much better the numbers would be without it, if at all.
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