The United States Economy grew at the much faster pace of 3.6 percent in the third quarter than originally thought. Second quarter growth was also revised upward to 2.5 percent. The reasons for this growth include private inventory investment, personal consumption expenditures, exports, and state and local government spending.
Very welcome news indeed!
2 comments:
If you listen to why the numbers were up it sounds less hopeful: there was a large increase in inventory, which means that next quarter will probably not be very good, especially if this shopping season isn't gonzo sales-wise. Black Friday didn't push sales through the roof, so it seems people are still being somewhat cautious, which means we're going to putt along for at least another quarter or two.
As you've mentioned numerous times, as long as the 1% keep giving themselves giant profit margins and stiffing the people who actually do all the work, the economy is not going to rev up very fast.
Uh oh, more fact checking that doesn't reflect well on the Obamessiah.
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