US economy grows 2.6% in Q3; increases overall GDP to $25.66T

[F-22Raptor]

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent.

Current‑dollar GDP increased 6.7 percent at an annual rate, or $414.8 billion, in the third quarter to a level of $25.66 trillion. In the second quarter, GDP increased 8.5 percent, or $508.0 billion (tables 1 and 3).

Gross Domestic Product, Third Quarter 2022 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA)

Real gross domestic product (GDP) increased at an annual rate of 2.6 percent in the third quarter of 2022 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6 percent. The GDP estimate released today is based on...

www.bea.gov

 

[beijingwalker]

US GDP growth a 'head fake' number, Larry Kudlow says: 'Take this with a grain of salt'​

US GDP grew 2.6% in the third quarter but recession fears linger amid sky-high inflation​

By FOX Business Staff FOXBusiness
Published October 27, 2022 12:11pm EDT

US GDP growth a 'head fake' number, Larry Kudlow says: 'Take this with a grain of salt'

Following the better-than-expected GDP result on "Varney & Co.," FOX Business host Larry Kudlow examines the ailing U.S. economy ahead of the midterms.

www.foxbusiness.com

 

[bobsm]

US Economy Shows Worst Is Yet to Come, With Cooling Just Starting​

• Consumer spending downshifts, under pressure from inflation
• Housing market shows ‘monster’ decline in investment

By
Chris Anstey,
Reade Pickert, and
Augusta Saraiva
27 October 2022 at 23:07 GMT+8Updated on28 October 2022 at 00:44 GMT+8

The US economy’s recent rebound is looking like a high-water mark for the expansion.

While government data on Thursday revealed US gross domestic product rose 2.6% at an annualized rate in the third quarter, that gain merely made up for the economy’s contraction during the first half of the year.

Recovering Loss​

GDP growth in third quarter made up for first-half 2022 losses

Total inflation-adjusted GDP last quarter was roughly the same as where it was at the end of 2021, and it may soon start deteriorating anew, with the Commerce Department report containing foreboding signs for the economy:

• Investment in residential housing plunged at an annual rate of about 26% -- a “monster” decline in the words of Citigroup Inc. economist Nathan Sheets and likely a response to the highest mortgage rates in two decades.
• Consumer spending, the engine of the economy, rose 1.4% from the previous three months, capping the weakest three quarters since the demand destruction of early 2020.
• Stripping trade and inventories out, final sales to domestic buyers showed an annualized growth rate of just 0.5%. That compares with an average of almost 2.6% over the five years before the pandemic.

“It’s very unusual to see that indicator basically stall outside of a recession period -- that’s telling,” said Sal Guatieri, a senior economist at BMO Capital Markets, referring to the final-demand indicator. “That means the US economy beneath the surface is losing steam.”


More @ https://www.bloomberg.com/news/arti...-to-come-with-cooling-just-starting#xj4y7vzkg

 

[Yongpeng Sun-Tastaufen]

The growth seems very small considering the US prints trillions of dollars a year.