Posted on 08/30/2023 8:10:54 AM PDT by ChicagoConservative27
The growth of the U.S. economy in the second quarter was revised lower on Wednesday, as weaker business spending more than offset stronger consumer spending.
The government said that gross domestic product grew at a 2.1 percent annual pace in the the three months from April through June. The first estimate had the economy growing 2.4 percent in the quarter.
Even after the downward revision, the economy is still growing faster than what many economists consider its long-run potential. Officials at the Federal Reserve have said that they thin the economy needs to grow by less than potential—which they estimate at 1.8 percent per year—for inflation to fall to the central bank’s two percent target.
(Excerpt) Read more at breitbart.com ...
Spent more, because... 25% INFLATION! DUH!!!
...more than offset stronger consumer spending.
Lets remember these are the good times that never last.
Consumers have older lower mileage cars, some have not paid on their largest debt for 3 years, the under 40 crowd are employed with record stability. The underclass until recently more than likely did not pay rent. The US consumer under 65 is sitting on more cash than ever before.
Thats not the vibe Im getting.
But Consumers Spent Even More
School supplies duh
Revised but not UNEXPECTED !
“...more than offset stronger consumer spending.”
A valiant attempt to prove Xiden correct. However what the freak show on the Potomac refuses to acknowledge is that folks are spending more just to maintain the status quo, not because we as a nation have more disposable income, quite the opposite in fact.
We absolutely *must* get rid of anyone in this administration that came on board since Obama was elected.
Sure I spent more at the grocery store, I’m paying double in many cases, what used to cost me $50 now is $100 -
Yes, normal, non luxury purchases are 200 - 300% what they were 3-4 years ago, so...yeh...duh!
I love how the Communist left refer to us as, “Consumers”...They see us as bloated obese consumers, consuming everything in sight.
What a degrading condescending term.
Inflation is still exploding in my common consumables I use.
We are being conned with fake statistics.
Yep.
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