10-30-2024, 03:50 PM
Last quarter GDP numbers are out, and they look pretty darn good to economists (and the markets).
This is obviously fake news, as the majority of the country has been convinced that the economy is in only fair to poor shape. (Edit: per last night’s news, 50% - every Trump voter, plus a couple others - say “poor” (!))
Oddly, the markets, economists, and the rest of the world do not seem to understand the true, dismal state of the economy- poor saps. While the cost of crude oil is languishing below $70, and the price of gas is dropping, the NASDAQ is setting new all-time records daily, and the S&P 500 and Dow are not far from the same.
How much more of thisBidenomic Harris-nomic carnage can we endure?
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 2.8% during the period, [just] below the 2.9% growth expected by economists surveyed by Bloomberg.
...While slightly below expectations, several economists noted the third quarter GDP print reflected strong economic growth. Capital Economics chief North America economist Paul Ashworth noted the report shows an economy growing at a solid pace.
(...Meanwhile, the "core" Personal Consumption Expenditures index, which excludes the volatile food and energy categories, grew by [just] 2.2% in the second quarter...)
"Overall, the US economy appears to be doing just fine," Ashworth wrote in a note to clients on Wednesday.
..."Though GDP is backward-looking, it sends a clear message that the economy is doing well, and inflation is moderating, good news for the Federal Reserve," Oxford Economics chief US economist Ryan Sweet wrote in a note to clients on Wednesday.
Sweet added, "Trend growth in GDP remains solid, reducing the risk of a sudden and significant increase in layoffs. This increases our conviction in our above-consensus forecast for growth next year."
This is obviously fake news, as the majority of the country has been convinced that the economy is in only fair to poor shape. (Edit: per last night’s news, 50% - every Trump voter, plus a couple others - say “poor” (!))
Oddly, the markets, economists, and the rest of the world do not seem to understand the true, dismal state of the economy- poor saps. While the cost of crude oil is languishing below $70, and the price of gas is dropping, the NASDAQ is setting new all-time records daily, and the S&P 500 and Dow are not far from the same.
How much more of this
