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Thread: Economy expanded at fastest pace in a year as summer waned

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    Economy expanded at fastest pace in a year as summer waned

    Bottom Line - Economy expanded at fastest pace in a year as summer waned



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    U.S. economic growth increased at its fastest in a year in the third quarter as consumers and businesses set aside fears about the recovery and stepped up spending, creating momentum that could carry into the final three months of the year.
    Though part of the increase came from the reversal of temporary factors that had restrained growth, the expansion was a welcome relief for an economy that looked on the brink of recession just weeks ago.

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    U.S. gross domestic product expanded at a 2.5 percent annual rate in the third quarter, the Commerce Department said in its first estimateon Thursday. That was a big acceleration from the 1.3 percent pace in the April-June quarter and matched economists' expectations.
    "The probability of a double-dip has diminished quite a bit," said Sung Won Sohn, an economics professor at California State University in the Channel Islands. He made the comments before the release of the report.

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    Re: Economy expanded at fastest pace in a year as summer waned

    i would think this is good news, no matter your politics...couple this with the good news on the European debt crisis, and i'd say we are headed in the right direction.

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    Re: Economy expanded at fastest pace in a year as summer waned

    Read what it says........Unfortunately you have to decipher all the information. Actual factory orders did not go up, they were quite sluggish. People did spend more though which means most of this is likely in price increases.

    Inflation is great for Wall Street and certian segments of industry but not so much for main street. Well, pretty much not at all when you figure that people didn't actually buy more things they just paid more which is why we are not seeing a bump in hiring.

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    Re: Economy expanded at fastest pace in a year as summer waned

    Quote Originally Posted by randel View Post
    i would think this is good news, no matter your politics...couple this with the good news on the European debt crisis, and i'd say we are headed in the right direction.
    I'm not so sure there was any "good news on the European debt crisis"...we've merely lowered our standards on what constitutes good news, to the point where the mere avoidance of imminent catastrophe is viewed as good news. I hope that the economy continues to grow, but I think we are a long way from recovery. Historically, recessions caused by financial crises have been some of the most severe and longest lasting. On average, it takes the affected country 7-10 years to recover from a financial crisis.
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    Re: Economy expanded at fastest pace in a year as summer waned

    Quote Originally Posted by 1Perry View Post
    Inflation is great for Wall Street and certian segments of industry but not so much for main street. Well, pretty much not at all when you figure that people didn't actually buy more things they just paid more which is why we are not seeing a bump in hiring.
    A bit of inflation would be very helpful right now. It would help reduce the crippling debt burdens on consumers, and it would help reduce unemployment. I like the idea of the Fed pursuing a target of nominal GDP growth (which is real GDP growth + inflation), rather than an inflation target. With the economy in the duldrums and unemployment stuck at high levels, we should be aiming for about 4% inflation instead of 1-2%.
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    Re: Economy expanded at fastest pace in a year as summer waned

    Quote Originally Posted by Kandahar View Post
    A bit of inflation would be very helpful right now. It would help reduce the crippling debt burdens on consumers, and it would help reduce unemployment. I like the idea of the Fed pursuing a target of nominal GDP growth (which is real GDP growth + inflation), rather than an inflation target. With the economy in the duldrums and unemployment stuck at high levels, we should be aiming for about 4% inflation instead of 1-2%.
    No, decreasing our debt spending would be good right now. We see in this article that we have inflation BUT nobody is hiring. Real actual inflation has been well above 4%. The drop in oil has helped.

    Sorry, people have not bought into the plan that they had better buy today because it's going to be more expensive tomorrow. What the lack of factory numbers show is that they are still not buying at all. Partially because what they have to buy is more expensive and they have no idea when it's going to stop.

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    Re: Economy expanded at fastest pace in a year as summer waned

    Quote Originally Posted by randel View Post
    i would think this is good news, no matter your politics...couple this with the good news on the European debt crisis, and i'd say we are headed in the right direction.
    Remember what was said 'Commerce Department...estimate'. This will get downgraded in a few weeks when the real numbers are known AND no one is paying attention. The same happened after the first and second quarter this year.

    Further, the news from Europe sounds good but there is nothing concrete about it...yet. We'll see.

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    Re: Economy expanded at fastest pace in a year as summer waned

    Inflation, increasing unemployment, exponentially rising debt......

    Where's the good news? Things won't turn until corporate America starts to feel certain of a new administration on the horizon.

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    Re: Economy expanded at fastest pace in a year as summer waned

    So I guess we no longer need Son of Stimulus?

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    Re: Economy expanded at fastest pace in a year as summer waned

    GDP grows more than expected, unemploymnet down slightly, manufacturing and exports picking up. Yep ... sky must be falling.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

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