US GDP growth 33.1%

AN UNSURPRISING UPDATE:

GDP Explodes 33.1% — Media Bury The Story

A few weeks ago we noted that the third-quarter GDP number was likely to be a stunner, defying the endless claims by the press that the economy will struggle to emerge from the COVID-19 lockdowns. We also warned that voters wouldn’t get the news through the mainstream press.

Well, we were right on both counts.

______________ Original story is below the line

It’s the sort of thing that only really interests economists since it has no personal meaning for anyone. Nevertheless, better this than the opposite. In its own way the Democrat decision not to provide a “stimulus” helped things out a bit, not that they would have known. Discussed here: U.S. GDP booms at 33.1% rate in Q3, better than expected.

Increased consumption along with sold gains in business and residential investment as well as exports fueled the third-quarter rebound. Decreases in government spending following the expiration of the CARES Act rescue funding subtracted from GDP.

It no doubt did subtract from GDP but it also added to growth. These Keynesian measures are such misleading indicators.

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12 Responses to US GDP growth 33.1%

  1. H B Bear

    US Congress paralysis could save them tens of billions. Australia could do with some.

  2. John Bayley

    Please…

    Those are quarterly figures, multiplied by 4.

    In other words, BS, and one would expect better from a site frequented by professional economists.

    “Deeper down in its GDP report this morning, the Bureau of Economic Analysis also reported “not annualized” figures. And not annualized, GDP jumped by a record of 7.4% from Q2, after the record 9.0% plunge in Q2 from Q1.”

    “Nominal GDP for the entire year of 2020 will be a little over $20 trillion — unless something big and bad happens to economy in Q4 — and will still be down from nominal GDP in 2019 of $21.4 trillion.”

    Aaaand…let us not forget the absolutely greatest, record eva….deficit.

    But yeah, Trump Akbar.

  3. John Bayley

    On the US deficit – from Bloomberg.

    “The US federal deficit surges to record $3.1 trillion for 2020 amid unprecedented stimulus spending”

    It’s a good thing we are not Keynesians at the Cat, hey…ooops.

  4. Tom

    This is what enrages leftards: Trump is the ultimate spruiker of the American middle class, so he always tweets positive economic indicators, which leftards hate, because all the economic indicators in the past four years have been good for Trump.

    In fact, the GDP figures show the US economy — unlike Australia’s — has already recovered from the Kung Flu recession and is growing again. Of course, the 33% GDP growth headline figure is irrelevant, since it follows a 32% quarterly GDP recession, but to the rabbit ears of a leftard, that constitutes a Trump “lie”.

    The American middle class is voting to elect a new president. I think that, in the privacy of a voting booth (or a postal vote), the middle class prefers Trump’s optimism over Quid Pro Joe’s lockdown talk.

    And America doesn’t have Australia’s problem where a radical leftist state governor/premier can shut down a quarter of the national economy pursuing a Kung Flu eradication strategy.

  5. FelixKruell

    Coming after a 30%+ plunge in GDP the previous quarter, I’m not sure this is something to be crowing about.

  6. Rex Anger

    @ Kruell-

    Any economic improvement, even if only breaking even from a previous quarter, is something to be optimistic and celebratory about.

    Especially from a panic- and letftwit hysteria-induced own goal.
    z
    But let that not get in the way of your Trump-hatred baby. Everybody needs to rage against something… 😉

    #OrangeManBad?

  7. Anonandon

    30% plunge in the previous quarter followed bt a 30% rise still means the economy is 10% less than the previous quarter. It’s the maths.

  8. Mick Gold Coast QLD

    From Anonandon at 2:19 pm:

    “30% plunge in the previous quarter followed bt a 30% rise still means the economy is 10% less than the previous quarter. It’s the maths.”

    … and I should pay heed to your glib one liner why?

  9. Sinclair Davidson

    But yeah, Trump Akbar.

    How to admit that you didn’t bother to read to the bit where Steve says:

    These Keynesian measures are such misleading indicators.

  10. FelixKruell

    Rex:

    Any economic improvement, even if only breaking even from a previous quarter, is something to be optimistic and celebratory about.

    I look forward to you applauding Dan Andrews shortly then…

  11. If you’re discussing the COVID economy as if it were a regular cyclical recession, then you have nothing of substance to say. Bandwidth thief is all you are.

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