Just a question ... how much of the 2.9% annualized GDP growth due to the over 6% inflation rate?

[healthmyths]

Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period,
rose at a 2.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had expected a reading of 2.8%U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom

Now this is a fact... growth at 2.9% GDP.

My question is how much of the 2.9% growth is because of the following inflation at
"The annual inflation rate for the United States is 6.5% for the 12 months ended December 2022 after rising 7.1% previously, according to U.S. Labor Department data published Jan. 12. The next inflation update is scheduled for release on Feb. 14, 2023, at 8:30 a.m. ET.

Current US Inflation Rates: 2000-2024

The annual inflation rate for the United States was 3.2% for the 12 months ending February, compared to the previous rate of 3.1%, according to U.S. Labor Department data published on March 12, 2024. The next inflation update is scheduled for release on April 10 at 8:30 a.m. ET, providing...

www.usinflationcalculator.com

So if the GDP consists of goods and services produced, for example: Danny Nordman owns three gas stations in the West Texas metro
“We’ve raised the price of fuel as little as we could [and] absorbed the price increases to cut into our profits,” he said. “On Friday, the wholesale price went up 21 cents. … Our price at the pump went up 11 cents.” Why gas station owners would rather sell food than fuel
Did this 11 cents / gallon price increase become a part of the sum of goods and services that made up the 2.9% annualized growth of the GDP?

Now the experts say:
Gross domestic product (GDP) in the United States represents the total aggregate output of the U.S. economy. It is important to keep in mind that the GDP figures, as reported to investors, are already adjusted for inflation. In other words, if the gross GDP was calculated to be 6% higher than the previous year, but inflation measured 2% over the same period, GDP growth would be reported as 4%—or the net growth over the period.

The Importance of Inflation and Gross Domestic Product (GDP)

Learn the underlying theories behind these concepts and what they can mean for your portfolio.

www.investopedia.com

So..... GDP growth according to the above was 2.9%
Inflation for 2022 was 6.5%.
So was there any real growth not accounted for by inflation? It appears NOT!

 

[Independentthinker]

Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period,
rose at a 2.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had expected a reading of 2.8%U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom

Now this is a fact... growth at 2.9% GDP.

My question is how much of the 2.9% growth is because of the following inflation at
"The annual inflation rate for the United States is 6.5% for the 12 months ended December 2022 after rising 7.1% previously, according to U.S. Labor Department data published Jan. 12. The next inflation update is scheduled for release on Feb. 14, 2023, at 8:30 a.m. ET.

Current US Inflation Rates: 2000-2024

The annual inflation rate for the United States was 3.2% for the 12 months ending February, compared to the previous rate of 3.1%, according to U.S. Labor Department data published on March 12, 2024. The next inflation update is scheduled for release on April 10 at 8:30 a.m. ET, providing...

www.usinflationcalculator.com

So if the GDP consists of goods and services produced, for example: Danny Nordman owns three gas stations in the West Texas metro
“We’ve raised the price of fuel as little as we could [and] absorbed the price increases to cut into our profits,” he said. “On Friday, the wholesale price went up 21 cents. … Our price at the pump went up 11 cents.” Why gas station owners would rather sell food than fuel
Did this 11 cents / gallon price increase become a part of the sum of goods and services that made up the 2.9% annualized growth of the GDP?

Now the experts say:
Gross domestic product (GDP) in the United States represents the total aggregate output of the U.S. economy. It is important to keep in mind that the GDP figures, as reported to investors, are already adjusted for inflation. In other words, if the gross GDP was calculated to be 6% higher than the previous year, but inflation measured 2% over the same period, GDP growth would be reported as 4%—or the net growth over the period.

The Importance of Inflation and Gross Domestic Product (GDP)

Learn the underlying theories behind these concepts and what they can mean for your portfolio.

www.investopedia.com

So..... GDP growth according to the above was 2.9%
Inflation for 2022 was 6.5%.
So was there any real growth not accounted for by inflation? It appears NOT!

Good question. I don't know if anyone can answer it accurately or not.

 

[Marener]

Good question. I don't know if anyone can answer it accurately or not.

It’s not a good question because everyone knows that the GDP growth that we talk about is always adjusted for inflation. That’s why they call it real GDP growth.

It’s an extremely ignorant question.

 

[B. Kidd]

GDP will be readjusted downwards quietly in a few months.

 

[22lcidw]

It’s not a good question because everyone knows that the GDP growth that we talk about is always adjusted for inflation. That’s why they call it real GDP growth.

It’s an extremely ignorant question.

The Social Security increases from the 1980's which was huge over a couple of years from before in that era we were told that Social Security/Medicare was to last until the mid 2070's..

 

[jbrownson0831]

Fourth-quarter gross domestic product, the sum of all goods and services produced for the October-to-December period,
rose at a 2.9% annualized pace, the Commerce Department reported Thursday. Economists surveyed by Dow Jones had expected a reading of 2.8%U.S. GDP rose 2.9% in the fourth quarter, more than expected even as recession fears loom

Now this is a fact... growth at 2.9% GDP.

My question is how much of the 2.9% growth is because of the following inflation at
"The annual inflation rate for the United States is 6.5% for the 12 months ended December 2022 after rising 7.1% previously, according to U.S. Labor Department data published Jan. 12. The next inflation update is scheduled for release on Feb. 14, 2023, at 8:30 a.m. ET.

Current US Inflation Rates: 2000-2024

The annual inflation rate for the United States was 3.2% for the 12 months ending February, compared to the previous rate of 3.1%, according to U.S. Labor Department data published on March 12, 2024. The next inflation update is scheduled for release on April 10 at 8:30 a.m. ET, providing...

www.usinflationcalculator.com

So if the GDP consists of goods and services produced, for example: Danny Nordman owns three gas stations in the West Texas metro
“We’ve raised the price of fuel as little as we could [and] absorbed the price increases to cut into our profits,” he said. “On Friday, the wholesale price went up 21 cents. … Our price at the pump went up 11 cents.” Why gas station owners would rather sell food than fuel
Did this 11 cents / gallon price increase become a part of the sum of goods and services that made up the 2.9% annualized growth of the GDP?

Now the experts say:
Gross domestic product (GDP) in the United States represents the total aggregate output of the U.S. economy. It is important to keep in mind that the GDP figures, as reported to investors, are already adjusted for inflation. In other words, if the gross GDP was calculated to be 6% higher than the previous year, but inflation measured 2% over the same period, GDP growth would be reported as 4%—or the net growth over the period.

The Importance of Inflation and Gross Domestic Product (GDP)

Learn the underlying theories behind these concepts and what they can mean for your portfolio.

www.investopedia.com

So..... GDP growth according to the above was 2.9%
Inflation for 2022 was 6.5%.
So was there any real growth not accounted for by inflation? It appears NOT!

Wow, Tech must really be sucking then. Id we grew at 2.9% and Tech has had like 30,000 layoffs in January they must be really bad at their jobs.

 

[WTH_Progs?]

If you believe the inflation rate was 6.5%, then 2.9% is adjusted for inflation.

But the inflation rate of 6.5% is BS. When $1.50 last year is 2.50 today, bet your ass 6.5% is bullshit. All you have to do is visit a grocery and gas station to recognize that, and god forbid you need a service done, such as a plumber or roofer.

But oh sure, Amazon, Chinese junk and cheap clothing keep the number down, whoopee.

 

[healthmyths]

It’s not a good question because everyone knows that the GDP growth that we talk about is always adjusted for inflation. That’s why they call it real GDP growth.

It’s an extremely ignorant question.

So you are saying that 2.9% is AFTER subtracting 6.5% inflation value? That would make the before adjusted figure of GDP being 9.4%
being before adjusted for 6.5% inflation. Now another extremely ignorant question...
Which figure makes up the GDP i.e. what you pay at the supermarket for
1) eggs that the median cost of a dozen eggs in the U.S. remains $4.25—over twice what it was a year ago.

Why Are Egg Prices Still So High? Itâs Not The Reason You Think

As inflation eases, the costs of eggs remain high – hitting an average of $7 a dozen in California. Here’s why.

www.forbes.com

2) Gas prices are up nearly 50% since last year

Inflation continues to riseâand gas prices are up nearly 50% since last year

Year-over-year, the price of consumer goods and services has risen 8.6% overall, as measured by the consumer price index. Gas prices are up 48.7%.

www.cnbc.com

3) Overall food prices...rose 13.5 percent in the past year. That's the largest increase in 43 years.Oct 11, 2022

The major factors driving up the cost of food

Another report on the pace of inflation in the U.S. is due later this week and there's some hope that it's slowing. But most people have noticed higher prices at the grocery store on everything from dairy to meat to wheat products. The cost of groceries rose 13.5% in the past year, the largest...

www.pbs.org

4) Eating out prices.. Full service restaurant menu prices rose 8.2% between December 2021 and December 2022,

Menu prices

The latest trends in key indicators.

restaurant.org

Now I don't know about you Marener... maybe you live off the grid? But the above prices have increased IN REALITY not an adjusted GDP!

 

[Marener]

So you are saying that 2.9% is AFTER subtracting 6.5% inflation value? That would make the before adjusted figure of GDP being 9.4%
being before adjusted for 6.5% inflation. Now another extremely ignorant question...
Which figure makes up the GDP i.e. what you pay at the supermarket for
1) eggs that the median cost of a dozen eggs in the U.S. remains $4.25—over twice what it was a year ago.

Why Are Egg Prices Still So High? Itâs Not The Reason You Think

As inflation eases, the costs of eggs remain high – hitting an average of $7 a dozen in California. Here’s why.

www.forbes.com

2) Gas prices are up nearly 50% since last year

Inflation continues to riseâand gas prices are up nearly 50% since last year

Year-over-year, the price of consumer goods and services has risen 8.6% overall, as measured by the consumer price index. Gas prices are up 48.7%.

www.cnbc.com

3) Overall food prices...rose 13.5 percent in the past year. That's the largest increase in 43 years.Oct 11, 2022

The major factors driving up the cost of food

Another report on the pace of inflation in the U.S. is due later this week and there's some hope that it's slowing. But most people have noticed higher prices at the grocery store on everything from dairy to meat to wheat products. The cost of groceries rose 13.5% in the past year, the largest...

www.pbs.org

4) Eating out prices.. Full service restaurant menu prices rose 8.2% between December 2021 and December 2022,

Menu prices

The latest trends in key indicators.

restaurant.org

Now I don't know about you Marener... maybe you live off the grid? But the above prices have increased IN REALITY not an adjusted GDP!

It’s Q4 GDP growth so it’s correcting for inflation that occurred in Q4. You bring up a lot of price changes year over year. That’s not the right way to look at it. You only should consider inflation in the last 3 months.

There’s been very little inflation lately.

That 6.5% is year over year, and reflects primarily the large inflation at the beginning of 2022 (which is when GDP growth was slightly negative because it has to account for inflation).

This is CPI:

 

[healthmyths]

Good question. I don't know if anyone can answer it accurately or not.

Oh Marener said it was an ignorant question, so I just asked him...
1) eggs that the median cost of a dozen eggs in the U.S. remains $4.25—over twice what it was a year ago.

Why Are Egg Prices Still So High? Itâs Not The Reason You Think

As inflation eases, the costs of eggs remain high – hitting an average of $7 a dozen in California. Here’s why.

www.forbes.com

2) Gas prices are up nearly 50% since last year

Inflation continues to riseâand gas prices are up nearly 50% since last year

Year-over-year, the price of consumer goods and services has risen 8.6% overall, as measured by the consumer price index. Gas prices are up 48.7%.

www.cnbc.com

3) Overall food prices...rose 13.5 percent in the past year. That's the largest increase in 43 years.Oct 11, 2022

The major factors driving up the cost of food

Another report on the pace of inflation in the U.S. is due later this week and there's some hope that it's slowing. But most people have noticed higher prices at the grocery store on everything from dairy to meat to wheat products. The cost of groceries rose 13.5% in the past year, the largest...

www.pbs.org

4) Eating out prices.. Full service restaurant menu prices rose 8.2% between December 2021 and December 2022,

Menu prices

The latest trends in key indicators.

restaurant.org

 

[Marener]

Oh Marener said it was an ignorant question, so I just asked him...
1) eggs that the median cost of a dozen eggs in the U.S. remains $4.25—over twice what it was a year ago.

Why Are Egg Prices Still So High? Itâs Not The Reason You Think

As inflation eases, the costs of eggs remain high – hitting an average of $7 a dozen in California. Here’s why.

www.forbes.com

2) Gas prices are up nearly 50% since last year

Inflation continues to riseâand gas prices are up nearly 50% since last year

Year-over-year, the price of consumer goods and services has risen 8.6% overall, as measured by the consumer price index. Gas prices are up 48.7%.

www.cnbc.com

3) Overall food prices...rose 13.5 percent in the past year. That's the largest increase in 43 years.Oct 11, 2022

The major factors driving up the cost of food

Another report on the pace of inflation in the U.S. is due later this week and there's some hope that it's slowing. But most people have noticed higher prices at the grocery store on everything from dairy to meat to wheat products. The cost of groceries rose 13.5% in the past year, the largest...

www.pbs.org

4) Eating out prices.. Full service restaurant menu prices rose 8.2% between December 2021 and December 2022,

Menu prices

The latest trends in key indicators.

restaurant.org

Most of your links are outdated and therefore irrelevant. The way inflation is reported requires you to do a little thinking before you apply it.

Scary I know. Thinking.

 

[healthmyths]

Most of your links are outdated and therefore irrelevant. The way inflation is reported requires you to do a little thinking before you apply it.

Scary I know. Thinking.

At least I provide links. You make a wild ass comment "are outdated"... PROVE it dummy! Show me ONE link that you stupidly quote is "out of date"? What is "irrelevant" about this quote:
"government of the people, by the people, for the people, shall not perish from the earth"...November 19, 1863!

 

[Marener]

At least I provide links. You make a wild ass comment "are outdated"... PROVE it dummy! Show me ONE link that you stupidly quote is "out of date"? What is "irrelevant" about this quote:
"government of the people, by the people, for the people, shall not perish from the earth"...November 19, 1863!

I provided a screenshot of CPI which showed that inflation leveled off to very little in Q4.

You ignored it because you didn’t know how to respond.

Looking at year over year inflation is wrong because it’s a discussion about Q4 GDP growth. Inflation was high in the beginning of the year and low in the last part. That’s why a link from October 11th is outdated. Inflation data from before Q4 is irrelevant to GDP growth in Q4.

 

[healthmyths]

I provided a screenshot of CPI which showed that inflation leveled off to very little in Q4.

You ignored it because you didn’t know how to respond.

Looking at year over year inflation is wrong because it’s a discussion about Q4 GDP growth. Inflation was high in the beginning of the year and low in the last part. That’s why a link from October 11th is outdated. Inflation data from before Q4 is irrelevant to GDP growth in Q4.

United States Inflation Rate

Inflation Rate in the United States increased to 3.50 percent in March from 3.20 percent in February of 2024. This page provides - United States Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

tradingeconomics.com

Well of course idiots like you look at just the most current because that was the lowest for the year!
The average monthly inflation rate was 8.01% for the year!
So let's compare with Trump ok?
Trump's 3 years 2018-2020.. average 1.83% Versus Biden 8.01%
FACTS U.S. Inflation Rate 1960-2023

Where are YOUR facts? Guesses..

 

[Mac1958]

The GDP of the previous several years was driven by massive stimulus, when combined with collapsed global supply chains, that caused the inflation.

It's a complicated world, especially with regards to macroeconomics. Trying to make a partisan issue of it is weak.

 

[Marener]

Well of course idiots like you look at just the most current because that was the lowest for the year!

No. I’m looking at the most current because the topic of the thread is the most recent GDP growth data.

That’s the topic of the thread that you started.

Inflation in Q4 was minimal. The GDP growth data that is reported is corrected for inflation.

 

[g5000]

1) eggs that the median cost of a dozen eggs in the U.S. remains $4.25—over twice what it was a year ago.

Why Are Egg Prices Still So High? Itâs Not The Reason You Think

As inflation eases, the costs of eggs remain high – hitting an average of $7 a dozen in California. Here’s why.

www.forbes.com

Did you read your link, dipshit? There's a HUGE hint in the headline. "It's not the reason you think."

 

[g5000]

So you are saying that 2.9% is AFTER subtracting 6.5% inflation value?

Yes. Thread over.

 

[g5000]

So you are saying that 2.9% is AFTER subtracting 6.5% inflation value? That would make the before adjusted figure of GDP being 9.4%

No. Inflation for the second half of 2022 was 1.9%.

https://www.cato.org/blog/inflation-fell-19-second-half-2022-107-first-1

You really need to stay out of discussing the economy. Your ignorance is way too deep.

 

[BluesLegend]

My question is how much of the 2.9% growth is because of the following inflation

I purchased two measly medium size bags of groceries yesterday, a whopping $92

For most purchases Dems get to charge me sales tax on these inflated prices, assholes!