RECORD breaking GDP growth in Q3 - 33%

[BlueTex]

The Trump economy is SOARING! Just thought I would go ahead and start the inevitable thread...

The U.S. economy grew at a record pace in the third quarter, bouncing back from an unprecedented COVID-19-induced nosedive early in the year, but activity has slowed recently as the pandemic surges and Congress remains deadlocked over new a relief package.

The nation’s gross domestic product, the value of all goods and services produced in the U.S., increased at a seasonally adjusted annual rate of 33.1% in the July-September period as consumer and business spending soared, the Commerce Department said Thursday. Economists surveyed by Bloomberg had forecast a 32% jump in GDP.

Economy grew at record 33.1% pace in Q3 as more businesses reopened after COVID shutdowns. But growth could slow.

Economy grew at record 33.1% annual pace in Q3 as more businesses reopened\. But COVID-19 spikes could slow growth.

www.usatoday.com

 

[prometeus]

If a paralyzed man regains the ability to walk, he feels like he is running.

 

[Airyaman]

 

[BlueTex]

Biggest and Best in the History of our Country, and not even close!

 

[Cameron]

It's great the economy is recovering quickly as places reopen. Just goes to show that if properly targeted and managed, shutdowns can be effective in slowing the spread of COVID without totally destroying the economy for years.

Unfortunately, if things keep on track the way they are now, more places are going to have to close, which means we will likely be back down before we go up farther. IMO, that could have been avoided if masks and social distancing had had bipartisan support.

 

[Moon]

“Consumer spending jumped 40.7%, the largest increase on record, after tumbling 33.2% in the second quarter. Consumption has been recovering since restaurants, malls, movie theaters and other businesses began reopening in the spring.”

Definitely some good news in this report. I’m concerned about the small businesses that have survived so far. If there’s another shutdown I think that will be devastating for that sector.

 

[PeteEU]

And it will crash again as even GOP states realize they need to do a new lock down because of winter.

 

[Finch]

Covid spreading and getting worst....Lock downs will most likely be happening again...To what extent, who knows.

 

[GolfingChef]

The Trump economy is SOARING!

Did you blame Trump for the 31.7% drop in the 2nd Qtr?

 

[ElChupacabra]

It's great that there are still plenty of businesses left to help make this kind of growth possible; how long this continues will depends on the impact of the continued surges and how well we do in curtailing the eventual decline of growth due to people not resuming normal patterns.

 

[Conservative]

The Trump economy is SOARING! Just thought I would go ahead and start the inevitable thread...

The U.S. economy grew at a record pace in the third quarter, bouncing back from an unprecedented COVID-19-induced nosedive early in the year, but activity has slowed recently as the pandemic surges and Congress remains deadlocked over new a relief package.

The nation’s gross domestic product, the value of all goods and services produced in the U.S., increased at a seasonally adjusted annual rate of 33.1% in the July-September period as consumer and business spending soared, the Commerce Department said Thursday. Economists surveyed by Bloomberg had forecast a 32% jump in GDP.

Economy grew at record 33.1% pace in Q3 as more businesses reopened after COVID shutdowns. But growth could slow.

Economy grew at record 33.1% annual pace in Q3 as more businesses reopened\. But COVID-19 spikes could slow growth.

www.usatoday.com

It truly is amazing how biased and partisan you are ignoring that people cannot benefit from Trump economic policies when Governors and Mayors continue their lockdown. You keep ignoring the unemployment rate in those blue states vs. Red States buying liberal rhetoric and never checking actual results.

 

[Conservative]

It's great that there are still plenty of businesses left to help make this kind of growth possible; how long this continues will depends on the impact of the continued surges and how well we do in curtailing the eventual decline of growth due to people not resuming normal patterns.

I will remind you that as of today 98% of the American population do not have the Covid 19 and it is states that control when they reopen and when people are allowed to benefit from the Trump economic policies

 

[eohrnberger]

“Consumer spending jumped 40.7%, the largest increase on record, after tumbling 33.2% in the second quarter. Consumption has been recovering since restaurants, malls, movie theaters and other businesses began reopening in the spring.”

Definitely some good news in this report. I’m concerned about the small businesses that have survived so far. If there’s another shutdown I think that will be devastating for that sector.

Indeed. Small business is responsible for the greater portion of the jobs.
As many small businesses possible should be given a life-line to do so.
Nancy? Nancy?!! (*Crickets*) = Figures - she's from the 'Let them eat cake' political elite crowd.

 

[ElChupacabra]

I will remind you that as of today 98% of the American population do not have the Covid 19 and it is states that control when they reopen and when people are allowed to benefit from the Trump economic policies

Which has what to do with my comment?

 

[upsideguy]

“Consumer spending jumped 40.7%, the largest increase on record, after tumbling 33.2% in the second quarter. Consumption has been recovering since restaurants, malls, movie theaters and other businesses began reopening in the spring.”

Definitely some good news in this report. I’m concerned about the small businesses that have survived so far. If there’s another shutdown I think that will be devastating for that sector.

The quote (not you Moon) is exactly how you lie with statistics. When you drop 33% and then rebound 40.7%, you are down 6%.

Math: GDP =100. It drops 33.2%, so its now at 66.8%. It then increases 40.7%, which takes it to 94. The economy is therefore off 6% in half of a year. An economic dip of 6% over two quarters (not even annualized here) is a recession, borderline depression.

(now, I realize I have mixed GDP with consumer spending, which is only a component of GDP, but suffice to say consumer spending is down 6% --- not good news.....and, that was before the layoffs have began Oct 1 and shall continue as there is no economic support from the government.)

Enjoy the sugar high. When the drugs wear off, our new president and new congress and the rest of us can get to work.

 

[CaughtInThe]

be patient. we're not through the first wave yet.

 

[Moon]

The quote (not you Moon) is exactly how you lie with statistics. When you drop 33% and then rebound 40%, you are down 6.5%.

Math: GDP =100. It drops 33.2%, so its now at 66.8%. It then increases 40.7%, which takes it to 93.5. The economy is therefore off 6.5% in half of a year. An economic dip of 6.5% over two months is a recession, borderline depression.

(now, I realize I have mixed GDP with consumer spending, which is only a component of GDP, but suffice to say consumer spending is down 6.5% --- not good news.)

Agreed, and I realize that. We’re not going to get back to a healthy economy until the lockdowns are completely lifted and businesses have a chance to either recover, or for new ones to start up and take root. My point in posting that was it’s a move in the right direction, but we’ve got a ways to go still.

 

[BlueTex]

It truly is amazing how biased and partisan you are ignoring that people cannot benefit from Trump economic policies when Governors and Mayors continue their lockdown. You keep ignoring the unemployment rate in those blue states vs. Red States buying liberal rhetoric and never checking actual results.

Texas unemployment rate rises to 8.3% in September, seven months into economic recession

After a summer of declining unemployment rates following Gov. Greg Abbott's widespread business reopenings during the pandemic, the state's unemployment rate jumped to 8.3% in September.

www.texastribune.org

 

[upsideguy]

Agreed, and I realize that. We’re not going to get back to a healthy economy until the lockdowns are completely lifted and businesses have a chance to either recover, or for new ones to start up and take root. My point in posting that was it’s a move in the right direction, but we’ve got a ways to go still.

We are not going to have a healthy economy until the virus is under-control. There is no demand for many services, particularly in the travel and entertainment sectors, until the virus is under control. Selective lock-downs and broad mask adoption are the means by which we can bring the virus under control and people will gain the confidence to participate in the goods and, particularly, services that the American economy has to offer.

When conservatives finally get that, things will start returning to normal. In the interim, things are going to get worse before they get better.

 

[W_Heisenberg]

I will remind you that as of today 98% of the American population do not have the Covid 19 and it is states that control when they reopen and when people are allowed to benefit from the Trump economic policies

GDP DOLLAR GROWTH!

Worst recovery from a recession ever in the history of humanity!

 

[Conservative]

Texas unemployment rate rises to 8.3% in September, seven months into economic recession

After a summer of declining unemployment rates following Gov. Greg Abbott's widespread business reopenings during the pandemic, the state's unemployment rate jumped to 8.3% in September.

www.texastribune.org

Yes due to the shutdown in Houston a Democratic Run city but that reality escapes you just like data from around the country, Governors and mayors control the economic activity in the state and cities thus people not working cannot benefit from the Trump economic policies. This is what you really wanted not the stop of the spread of the virus. poor economic results that you blame on Trump. What is the unemployment rate in California in September

 

[Conservative]

GDP DOLLAR GROWTH!

Worst recovery from a recession ever in the history of humanity!

Record consumer spending but as you continue to show the components of GDP is a foreign concept to you. Worst recovery?? No Obama holds that distinction, 33% GDP growth is historic!

 

[Khayembii Communique]

Did you blame Trump for the 31.7% drop in the 2nd Qtr?

Yes, if the federal government had a coordinated response to COVID then we wouldn't have had to shut down.

Yes due to the shutdown in Houston a Democratic Run city but that reality escapes you just like data from around the country, Governors and mayors control the economic activity in the state and cities thus people not working cannot benefit from the Trump economic policies. This is what you really wanted not the stop of the spread of the virus. poor economic results that you blame on Trump. What is the unemployment rate in California in September

Trump is the President of Houston, too.

 

[BlueTex]

Yes due to the shutdown in Houston a Democratic Run city but that reality escapes you just like data from around the country, Governors and mayors control the economic activity in the state and cities thus people not working cannot benefit from the Trump economic policies. This is what you really wanted not the stop of the spread of the virus. poor economic results that you blame on Trump. What is the unemployment rate in California in September

The GOVERNOR of Texas has issued a mandate, several months ago, that overrides anything a city or county does... Actually the unemployment rate would probably be a lot worse if we were actually shutting things down... The price we are paying is rapidly rising spike in COVID in Texas and number 2 in the nation of COVID deaths... Look out NY, we are closing fast...

 

[beefheart]

Its like digging a 50 foot hole, then filling half of it up and bragging about it...