Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Omaha Steve

(99,686 posts)
Fri Dec 20, 2019, 10:45 AM Dec 2019

US economy grew at moderate 2.1% rate in 3rd quarter

Source: AP

By MARTIN CRUTSINGER

AP Economics Writer (AP) — The U.S. economy, which only recently was flashing warning signs of a sharp slowdown, should finish the year in better shape, thanks to rate cuts from the Federal Reserve and a cease-fire in the U.S.-China trade war.

The Commerce Department said Friday that the gross domestic product, the economy’s total output of goods and services, grew at a moderate annual rate of 2.1% in the third quarter.

That was unchanged from the government’s previous estimate for activity in the July-September quarter although some of the components were revised. Consumer spending, which accounts for 70% of economic activity, grew at a stronger 3.2% pace, reflecting more spending on personal services such as beauty care, up from a previous estimate of 2.9% growth.

This boost was offset by a weaker reading for business inventory restocking.



Read more: https://apnews.com/f34dc88ec4225c6a68d74d5982c5b9a3

8 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
US economy grew at moderate 2.1% rate in 3rd quarter (Original Post) Omaha Steve Dec 2019 OP
inventory restocking bucolic_frolic Dec 2019 #1
"thanks to rate cuts from the Federal Reserve" This is the money shot. Yavin4 Dec 2019 #2
Yes! Wuddles440 Dec 2019 #5
Exactly. Stocks are juiced like baseball players in the late 90s. Yavin4 Dec 2019 #6
Where is that 5-6% growth the Idiot in Chief said he livetohike Dec 2019 #3
2% growth, gab13by13 Dec 2019 #4
And not a peep... Wuddles440 Dec 2019 #7
Oh, just wait until a Democrat is President maxrandb Dec 2019 #8

Yavin4

(35,445 posts)
2. "thanks to rate cuts from the Federal Reserve" This is the money shot.
Fri Dec 20, 2019, 11:17 AM
Dec 2019

The Fed has been screwing over savers since 2008.

Wuddles440

(1,124 posts)
5. Yes!
Fri Dec 20, 2019, 12:30 PM
Dec 2019

And least we forget that the Orange Maggot was criticizing the Obama administration for doing just that (screwing savers) when he was campaigning. Of course, he was just doing this to curry favor with senior citizens who generally rely on lower risk investments. Now all you hear him screaming about is why interest rates are so high and they should be zero or negative like many other countries. The response should always be - if the economy is doing "the best ever", why does it continue to require stimulus measures (including tax cuts)? Why has the Fed adopted an unofficial QE policy, but denies doing so?

livetohike

(22,156 posts)
3. Where is that 5-6% growth the Idiot in Chief said he
Fri Dec 20, 2019, 11:22 AM
Dec 2019

would deliver? Loser. Our candidates need to bring that into play.

gab13by13

(21,379 posts)
4. 2% growth,
Fri Dec 20, 2019, 12:08 PM
Dec 2019

the same as president Obama's growth. Obama spent 787 billion dollars to save the auto industry while Trump gave 1.5 trillion to rich people and gave billions to farmers who lost their markets because of Trump's tariffs.

What I'm trying to say is that Trump's economy is artificially stimulated. 1.1 trillion dollar deficits and growing.

maxrandb

(15,345 posts)
8. Oh, just wait until a Democrat is President
Fri Dec 20, 2019, 03:09 PM
Dec 2019

Then the debt will be Hitler, Osama Bin Laden, Hannibal Lechther and gas station sushi all rolled into one, with a side of socialist, French surrender monkeys.

Latest Discussions»Latest Breaking News»US economy grew at modera...