Skip to comments.Q3 GDP Growth Unrevised At 4.9%, In Line With Estimates
Posted on 12/20/2007 1:49:53 PM PST by Signalman
(RTTNews) - The Commerce Department released its final report on gross domestic product in the third quarter on Thursday, showing that the pace of GDP growth for the quarter was unrevised compared to the preliminary estimate.
The report showed that GDP increased at an annual rate of 4.9 percent in the third quarter compared to the 3.8 percent growth seen in the second quarter. Economists had expected GDP growth to remain unchanged at 4.9 percent.
The GDP growth in the third quarter marked the fastest pace of growth since the third quarter of 2003, when GDP surged up 7.5 percent.
The acceleration in the pace of GDP growth compared to the previous quarter primarily reflected accelerations in exports, consumer spending, and private inventory investment.
At the same time, an upturn in imports, a larger decrease in residential fixed investment, and a deceleration in nonresidential structures partly offset the acceleration.
The report showed that the pace of consumer spending growth was revised up modestly to 2.8 percent from the preliminary reading of 2.7 percent growth. This represents a significant acceleration from 1.4 percent in the second quarter.
The Commerce Department also said that its reading on core consumer prices, which exclude food and energy prices, was upwardly revised to show 2.0 percent growth compared to the previously reported 1.8 percent growth.
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“Recession? What recession?”
If you asked the average liberal what a recession was, I guarantee they couldn’t tell you...other than to parrot their dailykos and DU overlords to whine that one is coming.
Why, the one all the media pundits (and Alan Greenspan) keep talking about, of course. The fact that the hard data indicates otherwise, is, of course, irrelevant.
2% growth during the presidency of Clinton and they threw ticker-tape parades on the Upper West Side.
They don’t just think one is coming, ask your liberal cousin, or sister or whatever, and they’ll tell you one is happening right now. And, when you explain to them what officially constitutes a recession, they’ll then say “well then it sure feels like a recession”.
... to which I respond by explaining the effects of ethanol subsidies on food prices and the economy.
Evil Bush’s fault again and again!
My wife was off work yesterday, and I was again her private driver to the various shopping centers and stores.
Even on Wednesday morning and afternoon, the parking lots were nearly full and so were the stores.
A couple of longterm local stores said that they had been busy since Thanksgiving week, and it hasn’t let up. Our public schools are out, and often the families go away and don’t shop. They are still out shopping. FedX and UPS drivers are out early on out street and still delivering past 7 pm.
2 consecutive quarters of lower GDP...
I think we may have dodged a bullett with the recession/depression(lol) ... but we still have a house to get in order.. reduce the debt NOW!
I think it might have been Michael Barone who observed that the majority of young adults in the U.S. don’t know what a recession is because they’ve never lived through a real one.
I think the shopping crowds have been way down in Colorado Springs.. I don’t think we are in a recession, but I think so much talk is being listened to, people are being much more careful with their spending this year.
Estimates aren’t being exceeded.
I can't even fathom how the media or current 20-somethings would mentally process or perceive something like the 1981 recession.
One thing I know is - whatever party had the president when that happens again would be screwed for decades.
One of the contributing causes of the severity and length of the Great Depression was an attempt to balance the budget, actually.
I just got back from my misc final shopping/non internet buying.
Walmart was filled as was their parking lot. So was Target and Home Depot. I stopped by our local ACE hardware and they had several people buying stuff. The store manager said that it had been a good week and day.
At Walmart, they had 3 young unpacking DVDs and CDs. Many never made it to the shelfs. I got 3. Target apparently has people who do nothing but restocking. Both stores had all of the registers manned and going. I left Home Depot as they didn’t have a single checker available, just the self serve lines, which were not working. I would have gone to ACE but it was out of the way. I went to ACE and bought 3 items and was out in 3 minutes.
Maybe all the liberals in Colorado Springs have decided to have a recession.
yeah, I have heard all the crap about debt as % of GDP... but no one can convince me a 11 trillion debt is a good thing...
40% owned by the chicoms too.