Joe’s economy still healthy: GDP expands +2.9%

[citygator]

Not sure how the Republican will spin this but it’s really good news. Basically inflation is slowing and economy is still moving along.


US Economy Expands at a Faster-Than-Expected 2.9% Pace


The US economy expanded at a healthy pace in the fourth quarter, though an extended salvo of Federal Reserve interest-rate hikes is seen jeopardizing growth prospects this year.

Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. Personal consumption (GDPCTOT%), the biggest part of the economy, climbed at a less-than-forecast 2.1% pace.

 

[Harpy Eagle]

This is going to piss off a lot of people today

 

[hadit]

Not sure how the Republican will spin this but it’s really good news. Basically inflation is slowing and economy is still moving along.


US Economy Expands at a Faster-Than-Expected 2.9% Pace


The US economy expanded at a healthy pace in the fourth quarter, though an extended salvo of Federal Reserve interest-rate hikes is seen jeopardizing growth prospects this year.

Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. Personal consumption (GDPCTOT%), the biggest part of the economy, climbed at a less-than-forecast 2.1% pace.

Oh, NOW it's his economy?

 

[1srelluc]

And now the rest of the story........



Median projections in a Bloomberg survey of economists called for a 2.6% rise in GDP and a 2.9% advance in spending. About half of the GDP increase reflected inventory growth, while government spending matched the biggest gain since early 2021.

The report also showed some signs of stress for American consumers whose wages have failed to keep up with inflation and continued to encourage them to draw down savings accumulated from government pandemic-relief programs. The burden of elevated prices and higher borrowing costs is mounting, pointing to a tenuous outlook for the economy.

The latest Bloomberg monthly survey shows economists see the economy shrinking in the second and third quarters, putting 65% odds on a recession in the coming year.


Recent data show cracks are developing more broadly. Retail and motor vehicle sales data showed households are starting to retrench, the housing market continues to weaken and some businesses are reconsidering capital spending plans.

As the Fed continues to hike interest rates to ensure inflation is extinguished, housing and manufacturing have deteriorated quickly while industries including banking and technology are carrying out mass layoffs.



Cherry-pick much OP?

 

[hadit]

This is going to piss off a lot of people today

Oh, it's good news. No reason to be upset about it. Naturally, all those who kept insisting the president has nothing to do with the economy when it was bad will now miraculously discover that they believed all along the president IS responsible for the economy. It will be entertaining for sure.

 

[Harpy Eagle]

Oh, it's good news. No reason to be upset about it. Naturally, all those who kept insisting the president has nothing to do with the economy when it was bad will now miraculously discover that they believed all along the president IS responsible for the economy. It will be entertaining for sure.

And all those that all those who kept insisting the president was responsible for the economy when it was bad will now miraculously discover that they believed all along the president IS NOT responsible for the economy.

It will be entertaining for sure.

 

[shockedcanadian]

The U.S economy has always consumed and innovated, that's not been an issue. Everyone knows the issue is excess debt, that's a systemic issue that must be addressed.

 

[hadit]

And all those that all those who kept insisting the president was responsible for the economy when it was bad will now miraculously discover that they believed all along the president IS NOT responsible for the economy.

It will be entertaining for sure.

Oh, I see what you did there. Lacking a cogent retort, you took what I said and perverted it into something unrecognizable, pretending it's meaningful. Well done, grasshopper.

Now all we need are actions. What did Quid Pro actually DO that made the economy stronger? Without that, it's just partisan giving him credit for something that happened.

 

[citygator]

Oh, I see what you did there. Lacking a cogent retort, you took what I said and perverted it into something unrecognizable, pretending it's meaningful. Well done, grasshopper.

Now all we need are actions. What did Quid Pro actually DO that made the economy stronger? Without that, it's just partisan giving him credit for something that happened.

Passed the inflation busting legislation early last year. Has infrastructure on its way toward improvement. Reduced prescription prices so people have money to spend elsewhere. Returning manufacturing back to the US with the Chip legislation. Has an energy policy allowing higher average oil production and higher than almost all of Trumps months output. Provided steady leadership. Joe is amazing even at his age.

 

[The5thHorseman]

And now the rest of the story........



Median projections in a Bloomberg survey of economists called for a 2.6% rise in GDP and a 2.9% advance in spending. About half of the GDP increase reflected inventory growth, while government spending matched the biggest gain since early 2021.

The report also showed some signs of stress for American consumers whose wages have failed to keep up with inflation and continued to encourage them to draw down savings accumulated from government pandemic-relief programs. The burden of elevated prices and higher borrowing costs is mounting, pointing to a tenuous outlook for the economy.

The latest Bloomberg monthly survey shows economists see the economy shrinking in the second and third quarters, putting 65% odds on a recession in the coming year.


Recent data show cracks are developing more broadly. Retail and motor vehicle sales data showed households are starting to retrench, the housing market continues to weaken and some businesses are reconsidering capital spending plans.

As the Fed continues to hike interest rates to ensure inflation is extinguished, housing and manufacturing have deteriorated quickly while industries including banking and technology are carrying out mass layoffs.



Cherry-pick much OP?

You have NEVER read a BEA report so closely.

Your disappointment is palpable.

Next time Jessie starts yammering about "2 consecutive quarters" shoot your cable box, Ruby..

 

[rightwinger]

Not sure how the Republican will spin this but it’s really good news. Basically inflation is slowing and economy is still moving along.


US Economy Expands at a Faster-Than-Expected 2.9% Pace


The US economy expanded at a healthy pace in the fourth quarter, though an extended salvo of Federal Reserve interest-rate hikes is seen jeopardizing growth prospects this year.

Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. Personal consumption (GDPCTOT%), the biggest part of the economy, climbed at a less-than-forecast 2.1% pace.

Not a bad number for an economy that Republicans demanded be declared in Recession

 

[1srelluc]

You have NEVER read a BEA report so closely.

Your disappointment is palpable.

Next time Jessie starts yammering about "2 consecutive quarters" shoot your cable box, Ruby..

Sorry I ruined your faux celebration....You know....By posting the rest of the article.

 

[Mac1958]

Not sure how the Republican will spin this but it’s really good news. Basically inflation is slowing and economy is still moving along.


US Economy Expands at a Faster-Than-Expected 2.9% Pace


The US economy expanded at a healthy pace in the fourth quarter, though an extended salvo of Federal Reserve interest-rate hikes is seen jeopardizing growth prospects this year.

Gross domestic product increased at a 2.9% annualized rate in final three months of 2022 after a 3.2% gain in the third quarter, the Commerce Department’s initial estimate showed Thursday. Personal consumption (GDPCTOT%), the biggest part of the economy, climbed at a less-than-forecast 2.1% pace.

Phew. Good stuff.

 

[The5thHorseman]

Sorry I ruined your faux celebration....You know....By posting the rest of the article.

Does that mean GDP DIDN'T grow by 2.9%?

 

[1srelluc]

Does that mean GDP DIDN'T grow by 2.9%?

Nope it's grew but the underlying principles that pushed that growth are very unsound.....Unless I miss my guess you will see how unsound before the year is out.

 

[The5thHorseman]

Nope it's grew but the underlying principles that pushed that growth are very unsound.....Unless I miss my guess you will see how unsound before the year is out.

I'll just leave this here.

Economists warn Americans that a severe recession IS coming


But its pronouns will be recovery/growth.

A recession is ALWAYS "coming"..

 

[1srelluc]

A recession is ALWAYS "coming"..

Yep, it's just takes a spell sometimes.

 

[rightwinger]

Sorry I ruined your faux celebration....You know....By posting the rest of the article.

What happened to Republicans celebrating a Biden Recession?

 

[hadit]

Not a bad number for an economy that Republicans demanded be declared in Recession

It was in recession.

 

[rightwinger]

It was in recession.

Evidently not

Biden said wait until all the numbers are in before you declare a recession….
Once again, our President was right