Posted on 12/23/2014 9:42:44 AM PST by upchuck
The U.S. economy grew at a sizzling 5 percent annual rate in the July-September period, the fastest in more than a decade, fueled by higher consumer spending and business investment.
The resurgence in growth last quarter provided the latest evidence that the U.S. economy is steadily strengthening and outshining most others around the world. The news helped lift the Dow Jones industrial average above 18,000 for the first time, and it could shape the Federal Reserve's decision on when to raise interest rates from record lows.
In midmorning trading, the Dow was up 80 points to 18,039.
In its report Tuesday, the Commerce Department sharply upgraded its estimate of third-quarter growth from its previous 3.9 percent figure. Much of the increase came from consumer spending on health care and business spending on structures and computer software.
The economy has benefited in recent months from sharply lower energy prices. Cheaper fuel has given consumers and businesses more money to spend on other goods and services that drive growth.
Last quarter's economic expansion was the fastest since the summer of 2003, and it followed a 4.6 percent annual growth rate in the April-June quarter. The government separately reported Tuesday that consumer spending rose at the fastest pace in three months in November, and income posted the best gain in five months. Both were encouraging signs for the 2015 economy.
(Excerpt) Read more at finance.yahoo.com ...
And it will “unexpectedly” be revised down next quarter.
The only thing holding 0bama’s head above water is something he hates.
No, not the KKK, worse!
FRACKING!!!
Interesting that the word “oil” does not appear in this report.
IMHO, the large reduction in gasoline prices has a lot to do with the supposed upturn in the economy.
Here’s the report’s view on this: “The economy has benefited in recent months from sharply lower energy prices. Cheaper fuel has given consumers and businesses more money to spend on other goods and services that drive growth.”
The libs are in remorse because wind and solar have had virtually NO influence on the US economy.
There are lies, damned lies.. and then there are statistics
Exposing The Deception: How The US Economy "Grew" By $140 Billion As Americans Became Poorer
The Housing Recovery Remains Cancelled Due To 6 Months Of Downward Revisions
Durables Goods Data Ugly Across The Board, Worst Since Polar Vortex
Fuzzy math?
Why do we need zero percent interest rates - ZIRP when the economy is growing like gangbusters??
BS!
“18,000”
A number that is not adjusted for inflation is worth nothing. The idiots are so fixated on the three zeros that they can’t understand what I just said.
Because if interest rates go up the money will come pouring out of the Stock Market.
BS
Gas prices down, spending up? Think we mentioned that to the Deocrats back in 2007.
They present out select figures that they feel best support, and exclude the others. Ask yourself, what figures are really missing, or what is not described by the babble in numbers. Are plenty of people living in affordable situations? Are plenty of people working at a job with decent pay? Are plenty of people working some holiday season packing job just to scrap what little bucks they can on a crazy shift? As I have come to find, saying employment doesn’t do the situation in the economy any justice. Simply mentioning the total size of the economy also doesn’t say much because how different is the holiday surge from other years, or is it not significantly different. The big facts that plenty of these economic reports rely is on you not coming up with questions that the data doesn’t answer.
I’ve been calling BS on every number this administration has put out, but there are a number of FReepers who believe those numbers with all their hearts. When I complain that the numbers are bs I been called everything in the book. Been told I don’t get out much and that things are going gangbusters, that there are plenty of jobs, prices are low, cars are flying off the lots, planes are full and so on, so where is the America I am living in and how do I get to the one they live in?
When Bush was in office they called them, ‘McJobs”, that’s a term you don’t hear anymore.
You are correct but I was looking for an answer the Fed could say in public!
And the stupid voters are too stupid to realize that no fracking means that their heating and electrical bills will go up.
Everything Obola does is a lie.
Stop. Zero Hedge, an economics blog posted frequently here on FR has done some analysis....the bulk of consumer spending responsible for the increase was due to spending on OBAMACARE.
Search somewhere here on FR....it is here.
I just got back from Walmart an hour ago. There was almost nobody in the store. 2 days before Christmas and Walmart is as crowded as any other week day.
That 5% GDP is a bunch of horse squeeze.
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