Well, nobody’s throwing a tickertape parade, but ….
(Bloomberg) The U.S. economy grew in the third quarter for the first time in more than a year, propelled by stimulus-driven gains in consumer spending and home building.
The world’s largest economy expanded at a 3.5 percent pace from July through September, exceeding the median estimate of economists surveyed by Bloomberg News, after shrinking the previous four quarters, figures from the Commerce Department showed today in Washington. Household purchases climbed 3.4 percent, the most in more than two years….
“A lot of this is thanks to government support,” Kathleen Stephansen, chief economist at Aladdin Capital Holdings LLC in Stamford, Connecticut, said in an interview on Bloomberg Television. “The consumer, in fact private demand in general, is not ready yet to pick up the growth baton from the government.”
It doesn’t mean the worst is over. There’s an awful lot of pain out there, and some of it will never go away. Jobs lost, businesses lost, careers lost, in some cases marriages and even lives lost. But at some point things stop getting worse and start getting better, and maybe we’re at that point.