U.S. economy slows sharply to 2% annualized rate in third quarter

MarketWatch
The numbers: U.S. gross domestic product growth decelerated to an 2% annualized rate in the third quarter, down from a 6.7% rate in the April-June quarter, the Commerce Department said Thursday.

Economists polled by the Wall Street Journal had forecast GDP to slow to a 2.8% rate.

This is the slowest growth rate since the 2020 recession.

Key details: Consumer spending rose a scant 1.6% in the third quarter, well below the 12% rate in the prior three months.

Households shifted spending to services, which rose 7.9% while spending on durable goods plunged 9.2% in the third quarter as new cars were scarce due to the microchip shortage.


Some are blaming (in this article as well) that the large decline is a product of a surge in COVID cases, however, we've been on a steady decline of cases since August. The rubber doesn't meet the road with that logic.

Supply chain issues, yes. Inflation, absolutely yes. But it will be curious how some other PF crowd will paint this as good.

The October job numbers will also be interesting to see. Joe's "robust" economy might be coming to an end.

 

as folks need to spend significantly more for everything due to rising energy prices, this was to be expected.

Harmful Democrat energy policies hurt everyone

This is what you get when you have full Democrat control; pain for all

 

Trump made himself a MINUS 3.7% in his last year for Biden to correct.
While on average Trump did not punch above 1%.


Biden's average is already twice as good in his first year.

 

We are looking at the best annual GDP growth in a VERY long time, which was to be expected considering 2020 was a total disaster.

Stock market is hitting new highs which is very good news to everyone with a 401K.

Good. It was getting insane. Astronomical raise in demand is one of the reasons why supply can't keep up.

 

Biggest surprise never, eh Bear?

Skyrocketing inflation.

Empty shelves.

Slowing economy.

Let's go Brandon.

 

I haven’t researched it yet but I’m 100% certain it’s Trumps fault

 

So average growth is still above what was seen over the last 4 years — which was deemed a success by the same people saying this is bad?
I am starting to think these people don’t have any integrity…

 

so states shutting down their economies to fight Covid is Trumps fault.

got it.

 

Biden covid checks have pooled into the pockets of the billionaires and are no longer creating velocity. No surprises there. Actually democrats are not wrong to try to pry that money from their sticky fingers. It is just how they are going about trying to invent a new way do it with the "wealth tax" that is sketchy.

 

The average growth in last 4 years was around 1% which is nothing short of pathetic. 2020 hurts the average, but even before that it was barely average and came at the expense of sharply rising debt.

This year growth will be best in about 40 years.

 

Is Biden’s current GDP growth higher or lower than that of the prior administrations average pre-COVID?

Or is that not his “fault” either?

 

You forgot to mention COVID pandemic, leftist are so forgetful

 

If you’re bench pressing 100 pounds it’s a lot harder to bench press up to 105 but if you’re bench pressing 70 pounds it’s a lot easier to bench press 75 even though the total increase of both numbers is the same.

Thus are the percentage snakesters like yourself able to sell their BS snake oil to people. Or try to anyway.

Trumps increase of productivity and many many other economic numbers on an already strong economy is a hell of a lot more impressive than the few positive numbers Biden’s able to cobble together on an artificially weakened economy.

so tell me then if you’re still going to peddle your crap, what exactly has Biden done on economic policy to make it stronger? States shut down their economies to create a weak economy that the bounce-back from you are willing to credit to Biden just as stupidly as you are willing to blame Trump for states shutting down their economies.

Pathetic

 

According to Trumps own words, the GDP numbers under Obama were pathetic, so it should have been easy increase it significantly, but he didn't. His numbers in the first 3 years were on par with Obama.

Its ironic you say Trump started at 100, meaning he inherited a good economy and failed to make it better. As a matter of fact, he left is considerably worse than how he found it.

 

but according to Democrats Obama was amazing. So which is it?

 

Which is why I asked for metrics prior to covid for dear leader.
While I am sure you feel your rant expresses something other than desperation, it doesn’t hide that dance you just did to avoid discussion of the actual data.

Also, GDP growth is expressed as a percentage over the previous period.
Only an imbecile would try and make the comparison above vs this figure traced as a percentage — one that also destroys your stance as one is 5% and the other is 7% so saying they are the “same” just isn’t factually accurate — since you are not an imbecile (obviously) what point were you trying to make with such an invalid parallel?

 

1) learn the definition of irony.
2) read what I’ve already covered. Way way past the last year of Trump buddy, catch up please

 

Its simple. They convince you that their new tax only affects the "wealthy" and you support it, believing that it will not get passed down to you.

 

Gdp growth expressed as a percentage of the prior years growth helps Bidens percentage when the prior year is economically terrible which it was.

Thanks for helping my point? Biden inherited an artificially terrible economy that he is benefitting from through the bounce back of states opening up their economies.

Enjoy continuing to desperately search for a point. I already tried helping you by asking you to point out specific Biden economic policies that you’d like to credit him with. You didn’t do that. Gosh, I wonder why?

 

I don’t typically respond to posters that refuse to answer a base question while demanding others answer new questions.

Glad I could help you find a solution to your curiosity

I thought many of you said that trump inherited a bad economy and “found the magic wand” — strange how none of you can express that using data driven metrics but instead use feelings, rants and irrelevant parallels.

 

They aren't going to pass it down to me. Now it might would totally screw up people's 401K values to have the inflation pressures taken off it, but that would be the extent of it. The only danger would be if the "wealth tax" were upheld by the SCOTUS, which it probably would be given their obamacare ruling that congress can do whatever as long as it was a "tax", then there would be a risk that when we are back here in 10-20 years, they would expand that wealth tax to other things and other people.

 

Can you think of only two options:

1. Democrats words
2. Trumps words

I prefer to think for myself.

I was talking about his first 3 years. Please make an effort keep track of the conversation.

PS. I do not credit Biden for this year, and don't care for the "Trump this, and Biden that" conversations.

 

So you believe they got wealthy by eating losses? That is not reasonable. You will be paying their tax for them when you pay for products, services, or pay rent. It will not take 10 years for them to figure it out.

While we are on the subject, you are better off that 99% of the worlds population. Since having more justifies taking it by force, how much more should we take from you?

 

It has gone up a heck of a lot more than inflation.