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Thursday, October 27, 2016

U.S. Third Quarter Growth Highest In 11 Years

U.S. Third Quarter Growth Highest In 11 Years

Washington (AFP) – U.S. growth surged to its highest level in 11 years in the third quarter, according to an updated government estimate released Tuesday.

Gross domestic product (GDP) increased five percent between July and September in the Commerce Department’s third estimate for the period, up from the 3.9 percent previously estimated.

Analysts had expected growth of 4.3 percent.

Tuesday’s figures built on the momentum from the second quarter, when growth came in at 4.6 percent.

The U.S. economy contracted 2.1 percent in the first quarter of 2014, a weak result mainly attributed to the abnormally cold winter, but has since recovered strongly.

Spending for consumption rose 3.2 percent, the biggest jump since the end of 2013. Consumption of goods rose 4.7 percent, while spending on services gained 2.5 percent.

The updated figures come on the heels of a strong November jobs report, which showed the U.S. economy adding 321,000 jobs.

Federal Reserve Chair Janet Yellen last week said the U.S. economy is improving steadily, but said the labor market still needs to strengthen and signaled that interest rates would remain low for months.

AFP Photo/Paul J. Richards

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  • Independent1

    McConnell and Boehner must be pulling their hair out after hearing all the latest good news: a surging economy in the 3rd quarter; 321,000 new jobs in November and strong Obamacare re & new signups!! All this is proving that the’ve clearly failed in the obstructionist efforts to hold America back!!

    We can only hope that between Reid and Obama that they will be able to put the kybosh on at least some of McConnell’s and Boehner’s efforts to stymie the American economy over the next 2 years. The GOP simply can’t let things get too good under a Democrat president going into the 2016 election; As we’ve learned, for Republicans, it’s all about getting a Republican elected even if that means destroying America in the process.

    And the GOP has done a good job of putting the kybosh on virtually any time that efforts get going toward improving America’s infrastructure; and that is starting to be a REALLY BIG PROBLEM!!

    For those who aren’t aware, see this article from the Daily Kos on “Infrastructure advances in the rest of the world will blow your mind”.

    Many nations in the world are rapidly leaving America in the dust!!! America is becoming A SECOND RATE NATION!!!

    Here’s the closing excerpt:

    Yes, the rest-of-the-world has problems — many of which are worse than our own: horrid unemployment in Italy, extreme gun violence in Brazil, horrific absolute poverty in China — but, and this is crucial, even as they grapple with these challenges, they are still investing in the future — in long-lasting ways. And, worst of all from the perspective of the United States, they are doing so to the exclusion of our nation: leaving behind our companies, our people, any concern for our relevance.

    The United States is being left behind. We will — absent major change — never be able to catch up with the infrastructure of Asia and Europe, given current political conditions in this country. And the most tragic part of this decline is that it’s being actively promoted by our leaders.

    The clock is ticking. The rest-of-the-world is not waiting while the United States “debates” the future. It is building the future.

    • Jambi

      The “loyal opposition” will probably seek out negative statistics to put their anti-Obama spin into political play

  • Dominick Vila

    The best part of this outstanding economic record is that it follows a 4.6% growth in the second quarter, and that the fourth quarter is likely to be as strong.
    How does the GOP rank and file respond to this? Lies! Lies! chant those who gave us one of the worst job creation records in history, an economy on the verge of collapse, a DOW Index at 7,000 points, Wall Street and major icons on the verge of bankruptcy, and all but eliminated our ability to dream of a better future for us and our children. Tyranny! Empire! Regime! Socialism! chant those whose only hope to remain a viable political alternative after mainstream Americans wake up from the stupor of one of the best political disinformation campaigns in human history fades into oblivion. When everything else fails, the only options is to try something different, or deflect attention from your record and lack of vision. Since the former is too “taxing” for the average Tea Party supporter, the only option for those suffering from a chronic case of immaturity is the latter.

  • Frank KIng

    It has taken another Democrat in the White house to overturn the mess created by the right wing the last time they took control of the government and our lives. This is the usual pattern. But this economic success will be short lived because the American voter has chosen to return to power the remnants of the right wing bunch that created our problems at home and abroad. Either they have no memory or no concern for recent history or this would never have happened to return to the malfeasance/misfeasance, mismanagement and corruption that is the hallmark of right wing governance.

    • Independent1

      In the case of the 2014 midterm, I believe it was the unfortunate case of too much apathy. Too many Americans fed up with the way our government has been working and misguidedly thinking that their votes didn’t matter. Despite the fact that the GOP won all those seats in the senate, the 2014 midterm was not the landslide or mandate for the GOP that the majority of conservatives would like to believe. In fact, the 2014 mid-terms were as much a bad omen for the GOP as for the Dems: less than 50% of usually reliable Republicans turned out to vote.

      The GOP won all those senate seats with only the votes of 17% of the registered electorate. And given that registered Republicans represent 37% or so of the American electorate,. that means far less than 50% of Republicans showed up at the polls. Unfortunately, not enough nonRepublicans showed up either. Remember though that registered Democrats are only around 23-24% of the it may well have been I/ndependents who really showed how fed up with the way things have been going in Washington.

      But aside from the senate seats and some governorships – governorships which did not include much in the way of coatails (adds to legislatures); the GOP lost everything else: they didn’t win a senate seat in a blue state; and every ballot issue was decided the Dems way; including min wage issues in red states and the GOP lost every personhood ballot issue too. And in fact, the Dems actually strengthened their standing in most blue states and even made some inroads in the legislatures of some red states.- so the 2014 wasn’t as lopsided as it seemed

      Let’s just home now that Reid and Obama can keep the
      GOPers from doing too much damage to America between now and 2016..