Skip to comments.Third-Quarter GDP Growth Revised Upward to 2.7% [New Normal: This anemic number is "good news"]
Posted on 11/29/2012 7:03:45 AM PST by SoFloFreeper
The U.S. economy expanded at its fastest pace in nearly three years in the third quarter as stronger inventory and export gains caused the government to revise its growth reading higher.
The nation's gross domestic producthe broadest measure of goods and services produced in the U.S.advanced at an annual rate of 2.7% from July through September, the Commerce Department said Thursday. The revised figure is up from the previously reported 2.0% gain and is the best three-month increase since the final quarter of 2009.
Economists surveyed by Dow Jones Newswires expected growth to be revised to a 2.8% rate.
(Excerpt) Read more at online.wsj.com ...
You would have thought by listening to the Fox News broadcast on the radio this morning that we were in a Reagan-era growth rate with the way they were breathlessly excited to report this nearly-remarkable news.
This is a typical pattern. QE, then growth, then downgrade as the Fed tricks run their course.
Our economy's dependence on actions by the Fed are no different than that of a heroin addict. The best cure for that addict, like the economy, is to go cold turkey. Like the addict, the economy will go through withdrawls.
And we should believe this because....?
Amazing how the Christmas season helps the numbers. Jobless rates also dropped a bit. I hope the Repubs hold tough about the fiscal cliff dealings and let’s see how rosy things look next February.