GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

ElChupacabra · Jan 27, 2022

GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.
Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.
Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

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Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

Greenbeard · Jan 27, 2022

The economy is hot to the touch right now.

RedFishBlueFish · Jan 27, 2022

ElChupacabra said:
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.

Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

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Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

Maybe this will perk the market up a bit. It's been a rough couple of weeks in the market. We can use some good news.

Conservative · Jan 27, 2022

ElChupacabra said:
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.

Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

Any idea what 7% inflation does to GDP dollar growth? How about Gov't spending which is a component of GDP? Great numbers but context matters, how is that GDP growth benefiting the American people? What Biden policies have benefited the American people because it doesn't appear that those great numbers resonate in the polling support? Seems the private sector which I believe you are part of has not received any benefit from Biden yet Biden takes credit for it, why does he deserve credit? We know what policies Trump generated to create the 600 billion dollars per year growth of the main compenent of GDP, consumer spending/consumption.

Mycroft · Jan 27, 2022

ElChupacabra said:
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.

Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

And 7+% inflation wipes that out.

Greenbeard · Jan 27, 2022

Conservative said:
Any idea what 7% inflation does to GDP dollar growth? How about Gov't spending which is a component of GDP? Great numbers but context matters, how is that GDP growth benefiting the American people? What Biden policies have benefited the American people because it doesn't appear that those great numbers resonate in the polling support? Seems the private sector which I believe you are part of has not received any benefit from Biden yet Biden takes credit for it, why does he deserve credit? We know what policies Trump generated to create the 600 billion dollars per year growth of the main compenent of GDP, consumer spending/consumption.

Mycroft · Jan 27, 2022

Conservative said:
Any idea what 7% inflation does to GDP dollar growth? How about Gov't spending which is a component of GDP? Great numbers but context matters, how is that GDP growth benefiting the American people? What Biden policies have benefited the American people because it doesn't appear that those great numbers resonate in the polling support? Seems the private sector which I believe you are part of has not received any benefit from Biden yet Biden takes credit for it, why does he deserve credit? We know what policies Trump generated to create the 600 billion dollars per year growth of the main compenent of GDP, consumer spending/consumption.

That GDP growth is fueled solely by the Trillions in massive government deficit spending. Think about what happens when the spending stops.

CRASH!!!

code1211 · Jan 27, 2022

ElChupacabra said:
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.

Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

As government supports are removed, more people should got back to work.

The irrationality of the Covid Response(s) go away, the same old ideas of earning money to pay for stuff should return.

Conservative · Jan 27, 2022

Greenbeard said:

So typical liberal debate, refusing to answer the question shows ignorance of the subject

MTAtech · Jan 27, 2022

ElChupacabra said:
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.

Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

The other side will paint this bad for Biden, I'm sure. Waiting for, "yeah, but inflation eat up the gains."

It's Morning in America, except that in 1984, the economy grew but wages fell. Today, wages are up. Yet, Republicans and the media tell the public that the economy sucks.

2021 was also great.
U.S. economy grew 5.7 percent in 2021, fastest full-year clip since 1984, despite ongoing pandemic

Conservative · Jan 27, 2022

MTAtech said:
The other side will paint this bad for Biden, I'm sure. Waiting for, "yeah, but inflation eat up the gains."

It's Morning in America, except that in 1984, the economy grew but wages fell. Today, wages are up. Yet, Republicans and the media tell the public that the economy sucks.

2021 was also great.
U.S. economy grew 5.7 percent in 2021, fastest full-year clip since 1984, despite ongoing pandemic

Stunning loyalty and ignorance of the private sector benefits to the American economy. You still cannot tell us what generated those incredible GDP growth numbers but willingly give credit to the liberal ideology. Context never matters to you as it is always the headlines that resonae.

Threegoofs · Jan 27, 2022

Mycroft said:
That GDP growth is fueled solely by the Trillions in massive government deficit spending. Think about what happens when the spending stops.

CRASH!!!

That’s why you have all your savings in rubles?

MTAtech · Jan 27, 2022

Mycroft said:
That GDP growth is fueled solely by the Trillions in massive government deficit spending. Think about what happens when the spending stops.

CRASH!!!

Except it isn't government deficit spending that's responsible. The American Rescue Plan gave a huge amount of money to local and state governments, who are spending it slowly. If you look at the numbers, the GDP growth is in consumer spending.

Threegoofs · Jan 27, 2022

Conservative said:
Stunning loyalty and ignorance of the private sector benefits to the American economy. You still cannot tell us what generated those incredible GDP growth numbers but willingly give credit to the liberal ideology. Context never matters to you as it is always the headlines that resonae.

Biden.

Biden generated the GDP numbers.

You’re welcome.

Conservative · Jan 27, 2022

MTAtech said:
The other side will paint this bad for Biden, I'm sure. Waiting for, "yeah, but inflation eat up the gains."

It's Morning in America, except that in 1984, the economy grew but wages fell. Today, wages are up. Yet, Republicans and the media tell the public that the economy sucks.

2021 was also great.
U.S. economy grew 5.7 percent in 2021, fastest full-year clip since 1984, despite ongoing pandemic

As usual context never matters to you, doesn't matter that this is a comparison between 2021 and the pandemic year of 2020.

Doesn't matter that the yearly number is annualized based upon one quarter

But the headline figure often obscures the whole picture because the Commerce Department calculates the GDP on a quarter-over-quarter basis as if that level of growth were sustained for a full year; in times of huge swings up or down, it can exaggerate both the decline in growth and the subsequent rebound.

And then this

Still, the economy is expected to slow this year as it confronts the hottest inflation in nearly four decades and stubbornly high COVID-19 caseloads. The dramatic rise in consumer prices over the past 12 months – in December, inflation hit a fresh 40-year high

Conservative · Jan 27, 2022

Threegoofs said:
Biden.

Biden generated the GDP numbers.

You’re welcome.

Stop trolling and tell us how? Such loyalty to an ideology that destroys incentive and creates dependence.

MTAtech · Jan 27, 2022

Conservative said:
As usual context never matters to you, doesn't matter that this is a comparison between 2021 and the pandemic year of 2020.

Doesn't matter that the yearly number is annualized based upon one quarter

And then this

We know the drill from you. When Obama was president, you complained that he never had GDP growth greater than 3% and called it mediocre. Then, when Trump never had GDP growth greater than 3% you called it wonderful. Now, if Trump was still president {spit on ground} you'd be breaking open champagne. But Biden is president, so you marginalize fabulous news.

Callen · Jan 27, 2022

Funny how it was all Trump and his economic "brilliance" when the economy was good under Trump mind you not better than Obama's the three years prior to the Trump administration. Now it is government incompetence, the debt and handouts that caused this stellar GDP.

Conservative · Jan 27, 2022

MTAtech said:
We know the drill from you. When Obama was president, you complained that he never had GDP growth greater than 3% and called it mediocre. Then, when Trump never had GDP growth greater than 3% you called it wonderful. Now, if Trump was still president {spit on ground} you'd be breaking open Champaign. But Biden is president, so you marginalize fabulous news.

When Obama was President he gave us the worst recovery in American history from a major recession, lost the House in 10-12-14-16 and the Senate in 14. The American people don't feel all that great economic news you want to claim thus history will repeat itself in November. Seems you want to buy the rhetoric, prop up liberalism but never tell us what liberal policies created these booming numbers? the reality is there were no Biden policies that generated the numbers, all state and local reactions as usual

jotathought · Jan 27, 2022

ElChupacabra said:
GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

www.cnbc.com

Key Points

Gross domestic product accelerated at a 6.9% annualized pace in the fourth quarter, well ahead of the 5.5% estimate.

Consumer activity and business spending led the gains, which propelled the U.S. economy to its strongest full year since 1984.

Jobless claims remained elevated at 260,000 while orders for long-lasting goods hit their lowest point since April 2020, signaling an end-of-year slowdown.

---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Good news from a growth perspective, though I also heard that growth predictions for the rest of the year are expected to be lower. What also seems clear is the pandemic continues to impact the economy in a variety of ways (people calling out sick and impacting productivity etc.), so hopefully as Omicron subsides, we can start seeing more stability across the labor market as well.

WOW .. you mean the economy grew after it had been shutdown for nearly a year? Amazing!

Conservative · Jan 27, 2022

Callen said:
Funny how it was all Trump and his economic "brilliance" when the economy was good under Trump, mind you not better than Obama's the three years prior to the Trump administration. Now it is government incompetence, the debt and handouts that caused this stellar GDP.

Would be willing to give Biden credit when you post the policies that Biden implemented to generate these numbers? Trump tax cuts and pro private sector policies generated the Trump economic numbers of 2017-2019. where are those Biden policies?

highroller · Jan 27, 2022

7% Real GDP growth?

Conservatives: Wah! Inflation! Wah!

highroller · Jan 27, 2022

Conservative said:
Would be willing to give Biden credit when you post the policies that Biden implemented to generate these numbers? Trump tax cuts and pro private sector policies generated the Trump economic numbers of 2017-2019. where are those Biden policies?

LOL. Now GDP growth is Trump's success, but inflation is Biden's fault.

jotathought · Jan 27, 2022

highroller said:
LOL. Now GDP growth is Trump's success, but inflation is Biden's fault.

It doesn't matter whose fault it is .. with the low-information majority of electorate, it's common for them to automatically associate good / bad news with the current leadership.

bongsaway · Jan 27, 2022

The economy sucks those are fake numbers, don't look up.

GDP grew at a 6.9% pace to close out 2021, stronger than expected despite omicron spread

ElChupacabra

Me cago en las cabras!