GDP growth doubles over 2nd quarter, signs encouraging
From the Bureau of Economic Analysis:
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.5 percent in the third quarter of 2011 (that is, from the second quarter to the third quarter) according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 1.3 percent….
That’s a pretty good report. Not great, but decent. The details of the report are even more encouraging, because they suggest the growth was driven by more business investment and more consumer spending, the two most important factors in a recovery.
Durable-goods purchasing was up 4.1 percent, in contrast to a second-quarter decrease of 5.3 percent. Real nonresidential fixed investment increased 16.3 percent in the third quarter, compared with an increase of 10.3 percent in the second.
And inventory growth was down — “private businesses increased inventories $5.4 billion in the third quarter, following increases of $39.1 billion in the second quarter and $49.1 billion in the first.” In other words, the decent numbers weren’t driven by companies stockpiling inventory that wasn’t selling. To the contrary, “real final sales of domestic product — GDP less change in private inventories — increased 3.6 percent in the third quarter, compared with an increase of 1.6 percent in the second.”
That bodes well for future quarters, and perhaps for jobs.
– Jay Bookman
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167 comments Add your comment
md
October 27th, 2011
9:47 am
“Europe bailing out banks”
Yeh, but that money for the “haircut” went somewhere…….and will have to be accounted for at some point in time. Seems to be more speculation on good times to come.
Good times are not guaranteed.
USinUK
October 27th, 2011
9:48 am
Butch – 9:47 –
– “which pizza place do I live above? oh, crap, this one’s close, it’ll do”
Talking Head
October 27th, 2011
9:51 am
“Real gross domestic product…increased at an annual rate of 2.5 percent in the third quarter of 2011″
And then next month we will come to find out that we actually had the same 1.3 percent in the 2nd qrt or worse.
Jack
October 27th, 2011
9:52 am
Seems the economy might be out of free-fall and libs are finding fault. Some folks just can’t be pleased.
USinUK
October 27th, 2011
9:53 am
“And then next month we will come to find out that we actually had the same 1.3 percent in the 2nd qrt or worse.”
or better – these things get revised upwards, as well.
jm
October 27th, 2011
9:53 am
God bless capitalism. You gotta read this. Still to be completely vetted…. but if…..
A Faster Path to Biofuels
Joule Unlimited Technologies Inc. won the Silver in this year’s Wall Street Journal Technology Innovation Awards for developing a more efficient technique for producing biofuel.
Joule says its systems could produce 15,000 gallons of diesel and 25,000 gallons of ethanol a year on an acre of land, for as little as $20 per barrel-equivalent of diesel and 60 cents per gallon of ethanol.
http://online.wsj.com/article/SB10001424052970204524604576610703305792650.html
kayaker 71
October 27th, 2011
9:53 am
Bookman, hold that pig still. How can you expect me to put lipstick on it when…… Sobering figures:
Debt…… 14.58T dollars
GDP ….. 14.53T dollars
We are still broke.
Don't Tread
October 27th, 2011
9:54 am
Scout – Weed out the applicants with degrees in English Lit, Advanced Poetry, and the other useless crap and you’ve eliminated most of the problem right there. (Who would select someone for a corporate job with a degree in English Lit over a business degree anyway?)
Aquagirl
October 27th, 2011
9:54 am
I wonder how Scout feels about that war vet that got critically injured out in Oakland.
Good question.
So, Scout, was this guy an “occut*rd?”
USinUK
October 27th, 2011
9:54 am
“libs are finding fault”
???????????????????????
dude. go back and reread … heck, just scroll up to Talking Head’s 9:51
jm
October 27th, 2011
9:55 am
oh looky. now market’s open. drudge has it up.
http://www.drudgereport.com
where’s that turkey from page 1?
Waheema
October 27th, 2011
9:56 am
Recovery summer!!!!!
No wait…that was last year…or the year before.
This economy will eventually recover IF Obama and his buddies in the congress and his children in Occupy don’t screw it up.
TaxPayer
October 27th, 2011
9:57 am
An improving economy does not bode well for a Republican scorched earth strategy. I mean, the earth has to remain scorched in order for them to have a chance at capitalizing on their constituency’s gloom and despair. They need a new strategy. More fuel!!!
Granny Godzilla
October 27th, 2011
9:57 am
A few more episodes like Oakland and OWS should petition the UN for NATO flyovers.
Mick
October 27th, 2011
9:57 am
The repub plan for job creation: addition by subtraction, otherwise known as the paul ryan express..all aboard…
godless heathen
October 27th, 2011
9:58 am
Adam:
“He’s obviously NOT doing that. Can you admit that now?”
Can you admit he has floundered for the first 3 years of his presidency.
What’s with you folks? If economic news is bad, it’s because Obama can’t get anything done because the Republicans won’t let him and if news is better, it’s “look at what wonderful things Obama is doing”.
Way too much credit and blame. This country is a great big flotilla of barges floating down the Mississippi River. The Prez and Congress take turns at the wheel, frantically spinning it one way or the other. But the wheel is connected to a tiny rudder that has no immediate affect and nudges the craft slightly in one direction or another.
Butch Cassidy
October 27th, 2011
9:58 am
USinUK – “hate to break it to you, dearheart – but the minute you ask if someone participated in the protest, you’ve just opened up the can o’ worms.”
Well, I guess they could follow it up with a question regarding the applicants marital status and whether or not they plan on having kids. I mean, as long as they’re in the ball park, they may as well swing for the fences.
ty webb
October 27th, 2011
9:58 am
you want have to ask if they participated in the protest…the smell and their appearence should give it away…and if that doesn’t, the swastika should give it away.
http://www.youtube.com/watch?v=NIlRQCPJcew&feature=player_embedded
stands for decibels
October 27th, 2011
10:00 am
Scout, I’m sure you n’ all yer kin thought those n#####-loving civil rights protesters would never get hired, either, back in the day.
You were wrong then, you’re wrong now.
TaxPayer
October 27th, 2011
10:00 am
Perhaps kayaker can tell us all how much Paul Ryan’s plan reduces the national debt.
Kamchak
October 27th, 2011
10:01 am
…and if that doesn’t, the swastika should give it away.
Godwin’s Law proven yet again.
Too predictable, and funny.
godless heathen
October 27th, 2011
10:02 am
“but the minute you ask if someone participated in the protest, you’ve just opened up the can o’ worms.”
For the ATL occupiers, you won’t have to ask. It will be on their CBCs.
1811/0311
October 27th, 2011
10:03 am
USinUK:
“Scout – hate to break it to you, dearheart – but the minute you ask if someone participated in the protest, you’ve just opened up the can o’ worms.”
You don’t ask sweetheart …………. there are ways ………………..
By the way, Congress does the same thing as I understand it they exempted themselves from the Civil Rights Act as it applies to hiring staff, etc.
Their reason? They have to have “loyal” people.
Well, so do American employers.
It’s done all the time ……………………. NEVER hire an “Occut*rd” ! They will make a lousy employee.
Gotta run ……………… back later.
Butch Cassidy
October 27th, 2011
10:06 am
Don’t Tread – ” (Who would select someone for a corporate job with a degree in English Lit over a business degree anyway?)”
Oh I don’t know, perhaps a company that values experience AND education? I see you’ve worked in M&A for the past 15 years with an impressive negotiation record. Oh wait, I see you graduated in 1985 with a degree in English Lit. Smithers, release the hounds!
Recon (2nd.and 3rd.)
October 27th, 2011
10:09 am
“That bodes well for future quarters, and perhaps for jobs.”
What Jay’s really saying is that he thinks this bodes well for Obama’s re-election chances.
This is good news as it signals that we’re not heading toward a double dip recession.
Keep Up the Good Fight!
October 27th, 2011
10:09 am
You don’t ask sweetheart …………. there are ways ………………..
Yes there are always ways to violate the law. Scout loves his wink wink nudge nudge violations until there is a protest he does not like, then he is suddenly straight laced “law and order” demands. What is good for the goose, it ONLY good for the Goose. Or IOKIYAA.
And again, Scout professes hate against marine vets and our military veterans.
md
October 27th, 2011
10:14 am
“You don’t ask sweetheart …………. there are ways ……………….. ”
Not saying I like how things get done, but it does amaze me how many folks put stuff out on the web and wonder how others found out about it.
Facebook is a prime example……….
And the college girls can go to just about any porn sight and find their pics archived forever……..
stands for decibels
October 27th, 2011
10:19 am
Why is Scout afraid to type the word “Occutard?”
that’s your term, Scout, own it, for Christ’s sake.
getalife
October 27th, 2011
10:21 am
Horrible news for the gop.
Great news for our country.
real john
October 27th, 2011
10:22 am
While I’m glad growth picked up somewhat, I wouldn’t get excited yet.
From CNNMONEY today;
And economists surveyed by CNNMoney are forecasting that growth will slow down again in the fourth quarter and throughout 2012, as they expect a 2.2% annual growth rate in the fourth quarter, and 2.3% growth from that quarter through the end of 2012.
“The better-than-expected performance this summer doesn’t look sustainable,” said Kathy Bostjancic, director for macroeconomic analysis for The Conference Board. “Weak consumer sentiment could limit the rise in consumption through the holiday season and right into winter. Cuts in spending by state and local municipalities weigh on the economy.”
Oops Jay
real john
October 27th, 2011
10:23 am
Not so fast Getalife
getalife
October 27th, 2011
10:25 am
I know real john,
Our recovery is bad news for the gop and why they obstructed our recovery.
.
Bosch
October 27th, 2011
10:25 am
“While I’m glad growth picked up somewhat, I wouldn’t get excited yet”
I think that’s wingnut code for “crap, the economy is picking up and that’s not good for us because then Obama wins in a landslide”
stands for decibels
October 27th, 2011
10:26 am
Debt…… 14.58T dollars
GDP ….. 14.53T dollars
last I checked, private accumulated wealth in the US was around 53 trillion. Confiscate less than a third of that, and our “Problem” is solved.
Unless you’re man enough to admit that the debt isn’t really that big of a problem after all, that concern over it has been manufactured in order to take a swipe at America’s social safety net? maybe?
Curious Observer
October 27th, 2011
10:27 am
Who would select someone for a corporate job with a degree in English Lit over a business degree anyway?)
Oh, I dunno. Maybe an employer who wants a literate person. As a holder of a PhD in English Lit as well as an MBA, I can say that it has been my observation that business majors are about the dumbest sh_ts in the whole academic spectrum. In general, they lack culture as well as literacy. Even so-called PhDs in business subjects tend to be a cut below other PhDs.
Have I answered your question?
Bosch
October 27th, 2011
10:28 am
“Confiscate less than a third of that”
stands,
You do realize now the howls of the wingnuts over this will probably be enough to break the Internets??
Jay
October 27th, 2011
10:29 am
I agree, real john. We still have a long way to go, but up is better than down, and 2.5 percent on the plus side is better than 1.3 percent or 0.9 percent or especially a negative 8.9 percent, which is what it was just before Obama took office.
Oh, and sheets.
real john
October 27th, 2011
10:29 am
Getalife:
Did you even read my post above? The economists are predicting GDP to go back down in the fourth quarter and all of 2012. BTW: 2.5% growth is horrific to start with.
If you think Americans are going to be satisfied with 9% unemployment and 2.5% growth next November, give me some of that stuff you are smoking
Bosch
October 27th, 2011
10:30 am
Curious Observer,
Ditto that.
getalife
October 27th, 2011
10:30 am
I told our President to veto any cuts until corrupt congress recovers the 15 million jobs they lost.
No jobs no cuts.
stands for decibels
October 27th, 2011
10:31 am
You do realize now the howls of the wingnuts over this will probably be enough to break the Internets?
It needed breaking today. (I use my weaponry for the good of humanity. You’re just going to have to trust me on this.)
stands for decibels
October 27th, 2011
10:31 am
Dead threaded. Bookman, you b@stard!
cosby smith
October 27th, 2011
10:32 am
Wow..we are in total recovery..hmm..Georgia unemployment is over 10%, nationally it is still hovering at 9.5%…if you go long enough you have to purchase some items but then you crawl back into the hole…do not count your chickens before they hatch and besides, when the government crunches numbers, they never get it correct!
Jm
October 27th, 2011
10:33 am
Democrats are destroying the super committee and want it to fail
Way to go Dems.
Adam
October 27th, 2011
10:34 am
godless: You missed my point, I see. Let’s try again.
Obama has often been said, by conservatives, that he is destroying the economy. ACTIVELY. His policies, despite Republican opposition, are ACTIVELY destroying the economy (and sometimes they did so BEFORE he was elected!)
Now, we see positive GDP growth. We see sustained monthly gains in jobs, despite continual public sector job losses.
My point, and my ONLY point, is that the narrative that Obama is DESTROYING the economy, ACTIVELY, is demonstrably false. Can you admit that?
getalife
October 27th, 2011
10:35 am
real john,
The corporate news network creates conflicts to manufacture stories. Wolf is the worst at this yellow journalism.
The truth is any good news on our economy, is bad news for the gop on their obstruction to win this election.
If their obstruction fails, they have nothing to run on.
Adam
October 27th, 2011
10:35 am
Jm: Democrats are destroying the super committee and want it to fail
Way to go Dems.
Where’s the Republican Supercommittee plan? Huh? HUH?
stands for decibels
October 27th, 2011
10:37 am
You guys still down here? for the record, f— the Super Politburo Committee with a rusty chainsaw sideways. Stupid idea from the get go.
Gator Joe
October 27th, 2011
10:38 am
Jay:
Improvement in the enconomy? the Republican’s, Corporate Right, and the assorted wealthy bigots (e.g. Koch brothers) need to jump-start their recession.
real john
October 27th, 2011
10:39 am
GETALIFE….If you are somehow saying that CNN is a “conversative network” that is just laughable.
I’m pretty sure that even Bookman would agree that CNN certainly isn’t conversative and against the President.
Adam
October 27th, 2011
10:45 am
real john: If you are somehow saying that CNN is a “conversative network” that is just laughable.
What’s funny is you haven’t caught on. I guess you don’t watch the CNN sponsored Republican debates? Or Erin Burnett? Jessica “Why not just cave” Yellin?
Adam
October 27th, 2011
10:49 am
Conservative media bias is what’s real and prevalent. Liberal media bias practically doesn’t exist anymore, especially in comparison. And recent data shows this to be true.
real john
October 27th, 2011
10:53 am
Adam…Hahahahahah……hahahahahaha.
Sorry I almost just spilled coffee. Are you REALLY trying to argue that the media is more CONSERVATIVE than Liberal. No offense, that is the dumbest statement I have heard in a LONG TIME. Even most media members would disagree with you.
Please provide multiple links and sources to your outrageous claim since you say you have “recent data shows this to be true.”
USinUK
October 27th, 2011
11:00 am
“there are ways ………”
oh, Scout – you never cease to amaze me with your inanities …
Adam
October 27th, 2011
11:04 am
Yes, I am saying just that real john
This one goes a little further back and isn’t as clear.
Most conservative media does come from Rush and Fox, but there’s quite a bit of it from CNN.
Go ahead and read the reports. But I already know no matter what facts I give you, you won’t believe it. You’ve already been indoctrinated (just like the media that is overcorrecting because of the same perception) that liberal media bias is real when it isn’t.
Adam
October 27th, 2011
11:14 am
http://en.wikipedia.org/wiki/What_Liberal_Media%3F
Sure is Amazing
October 27th, 2011
11:51 am
Misty Fyed
October 27th, 2011
9:08 am
It’s not what laws the house passed… It’s the fact that they kept the dems from doing any more harm than they already have done.
Give me a break. Yesterday the rube argument was that companies aren’t sure what new regulations and taxes are coming from the Obama administration. And now it is because the Retardlicans have been blocking the dems for 2 years?
Mr Sunshine
October 27th, 2011
11:56 am
Yes but if it would have occured during the Bush years you would have taken a poo poo all over the report, bookman.
Mr Sunshine
October 27th, 2011
11:58 am
Adam sites wiki…lol. You want some real data? Then pull my finger.
Adam
October 27th, 2011
12:11 pm
Mr Sunshine: It’s just a link to a short description of a book. You could, you know, read the book. And you ignored my other two links.
Adam
October 27th, 2011
12:12 pm
Oh, AND you chose to argue here, instead of on the current topic.
Mawuli
October 27th, 2011
12:31 pm
The news media would have you believe that the U.S. economy is going down the tubes at any minute. That sensationalism and hyperbole is how they finance newspapers and TV networks. Just tune them out and believe your own eyes.
1811/0311
October 27th, 2011
2:37 pm
decibles:
……………… it’s “Occut*rd” with a “u” …………….
1811/0311
October 27th, 2011
2:56 pm
“Protected class is a term used in United States anti-discrimination law. The term describes characteristics or factors which can not be targeted for discrimination and harassment. The following characteristics are considered “Protected Classes” and persons cannot be discriminated against based on these characteristics:
Race – Federal: Civil Rights Act of 1964 and the Civil Rights Act of 1866
Color – Federal: Civil Rights Act of 1964
Religion – Federal: Civil Rights Act of 1964
National origin – Federal: Civil Rights Act of 1964
Age (40 and over) – Federal: Age Discrimination in Employment Act of 1967
Sex – Federal: Equal Pay Act of 1963 & Civil Rights Act of 1964
Familial status (Housing, cannot discriminate for having children, exception for senior housing)
Sexual orientation (in some jurisdictions and not in others)
Gender identity (in some jurisdictions and not in others)
Disability status – Federal: Vocational Rehabilitation and Other Rehabilitation Services of 1973 & Americans with Disabilities Act of 1990
Veteran status – Federal Vietnam Era Veterans Readjustment Assistance Act of 1974
Genetic information – Federal: Genetic Information Nondiscrimination Act”
Now, I don’t see anything in there that says it’s “discrimination” for an employer to not hire someone because they are a knucklehead “WallStreet Occut*rd” ……………..: because it has nothing to do with race, color, sex, sexual orientation, ethnicity, national origin, age, religion, disability, or genetic information, etc.. Maybe I missed it but I didn’t even see being a “member of a certain political party” as being one of the categories in federal anti-discrimination law. If it’s there someone please show me the legal cite.
However, even if being a member of a certain “policital party” is a categroy, if an employer doesn’t want to hire someone stupid enough to be part of a group that promotes violence, confronts police, violates city ordinances and lawful orders, trashes public places and violates the rights of others …………….. then that’s just the kind of employer I would want to work for.
Bottom line ………….. you don’t have to hire a “knucklehead” as there are always “better qualified applicants” !
http://www.eeoc.gov/facts/qanda.html
http://en.wikipedia.org/wiki/Protected_class
saywhat?
October 27th, 2011
3:26 pm
1811 @ 2:56
How convenient for you, being a milit*rd and all, to be one of the protected classes. How does it feel to have extra rights not afforded to the general public? Try not to be such a moocher, and provide for yourself by hard work instead.
1811/0311
October 27th, 2011
3:56 pm
Hey ! It’s feels great ! So was the G.I. Bill that helped pay may way through college (Lord knows my military pay was pretty low for being shot at.
Anyway, thanks for the input ………….. just trying to prove (and you helped me) my point that not hiring “OCCUT*RDS” is not a violation of federal law.
Adam
October 28th, 2011
8:13 am
Scout: Yes it is. OWS people are expressing their right to peacefully assemble (and btw, it says nothing in there about “unless there are breaking some other local laws”).