Third-quarter GDP growth revised down to 4.9% annual rate

[mystery-ak]

Third-quarter GDP growth revised down to 4.9% annual rate
by Zachary Halaschak, Economics Reporter
December 21, 2023 08:31 AM

Economic growth expanded at a 4.9% seasonally adjusted annual rate in the third quarter of this year, the Bureau of Economic Analysis said Thursday in a revised estimate, the strongest growth since the country’s pandemic rebound.

Economic growth in the third quarter was revised down by 0.3 percentage points in the third and final GDP estimate from the previous estimate of 5.2%.

The strong third-quarter growth indicates underlying momentum in commerce despite the Federal Reserve keeping interest rates at their highest level in years.

The final estimate is good news not just for the economy but also for the Biden administration, which has been attempting to regain public approval by touting the positive aspects of the economy, such as strong GDP growth, low unemployment, and recent declines in inflation.

The report marks five straight quarters of positive economic growth. The continued expansion bodes well for the prospect of the Fed pulling off a soft landing, in which inflation falls while a recession is avoided.

GDP growth was 2.1% in the second quarter and 2.2% in the first quarter of this year. The Atlanta Fed’s “GDP Now” tracker predicts that GDP growth in the final quarter of this year will be 2.7%.

After over a year of successive interest rate increases, some by very aggressive margins, the Fed has held interest rates where they are since July. Because of recent declines in inflation, the central bank appears poised to pivot to cutting rates, with the first cut expected as soon as the first quarter of next year.

more
https://www.washingtonexaminer.com/policy/economy/third-quarter-gdp-growth-revised-down-to-4-9-annual-rate

[libertybele]

Third-quarter GDP growth revised down to 4.9% annual rate
by Zachary Halaschak, Economics Reporter
December 21, 2023 08:31 AM

Economic growth expanded at a 4.9% seasonally adjusted annual rate in the third quarter of this year, the Bureau of Economic Analysis said Thursday in a revised estimate, the strongest growth since the country’s pandemic rebound.

Economic growth in the third quarter was revised down by 0.3 percentage points in the third and final GDP estimate from the previous estimate of 5.2%.

The strong third-quarter growth indicates underlying momentum in commerce despite the Federal Reserve keeping interest rates at their highest level in years.

The final estimate is good news not just for the economy but also for the Biden administration, which has been attempting to regain public approval by touting the positive aspects of the economy, such as strong GDP growth, low unemployment, and recent declines in inflation.

The report marks five straight quarters of positive economic growth. The continued expansion bodes well for the prospect of the Fed pulling off a soft landing, in which inflation falls while a recession is avoided.

GDP growth was 2.1% in the second quarter and 2.2% in the first quarter of this year. The Atlanta Fed’s “GDP Now” tracker predicts that GDP growth in the final quarter of this year will be 2.7%.

After over a year of successive interest rate increases, some by very aggressive margins, the Fed has held interest rates where they are since July. Because of recent declines in inflation, the central bank appears poised to pivot to cutting rates, with the first cut expected as soon as the first quarter of next year.

more
https://www.washingtonexaminer.com/policy/economy/third-quarter-gdp-growth-revised-down-to-4-9-annual-rate

Regardless of the numbers it feels like we're in a recession and inflation is still undeniable. I don't see prices coming down.

[LMAO]

Regardless of the numbers it feels like we're in a recession and inflation is still undeniable. I don't see prices coming down.

We are not in a recession but the inflation cannot be spun away regardless of the valiant attempt to do such by the current administration

[DefiantMassRINO]

Poo-hoo'ing inflation is insulting the voters.

Things have become more expensive since Biden took office ... rent, food, heat, fuel, electricity ... the stuff you need for daily life.

Every bill is a reminder of how much more things still cost.

Minimizing inflation will backfire on Biden.  Inflation is real.  It's hurting real people every day.  It has not been "transitory" as we were told by Biden, the Fed, and Treasury.

Biden was wrong about Afghanistan.
Biden has been wrong on Ukraine (not doing more sooner when Ruskies were on the run).
Biden has been wrong about inflation.
Biden has been wrong about energy.
Biden is wrong on Border Security.

Biden is vulnerable to any GOP nominee that is not Trump.

For Biden to win in 2024, he'll have to p!$$ on progressives' legs and tell them it's raining.