US GDP Grows at Solid 2.8% Pace, Helped by Consumer Spending

[BumRushDaShow]

Source: Bloomberg

November 27, 2024 at 8:34 AM EST
Updated on November 27, 2024 at 9:04 AM EST


The US economy expanded at a solid pace in the third quarter, largely powered by a broad-based advance in consumer spending as inflation continued to cool.

Gross domestic product increased at a 2.8% annualized pace in the third quarter, the second estimate of the figures from the Bureau of Economic Analysis showed Wednesday. The economy's primary growth engine -- consumer spending -- advanced 3.5%, the most this year.

While still strong, household spending was revised modestly lower from the initial reading, reflecting slightly less robust outlays for merchandise. At the same time, business investment in research and development was revised higher.

The GDP report showcases the durability of an economic expansion that's been tested by lingering price pressures, high borrowing costs and political uncertainty. While progress on inflation has leveled out more recently, the Federal Reserve has started reducing interest rates.

Read more: https://www.bloomberg.com/news/articles/2024-11-27/us-gdp-grows-at-solid-2-8-pace-helped-by-consumer-spending?srnd=homepage-americas

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The U.S. economy grew at a 2.8% annualized rate in Q3, the same rate estimated a month ago.

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8:31 AM · Nov 27, 2024

[Historic NY]

1. The sky was never falling, the media wasn't reporting

[Hermit-The-Prog]

6. M$M reported lies, bombarding consumers with "Inflation! Inflation! Inflation!"

[Ocelot II]

2. How long is that going to last?

[eppur_se_muova]

3. There will be plenty of good markers against which to compare the tRump economy.

By his fruits shall you know him.

[Ocelot II]

5. Trump's captive federal agencies will cook the books

to be sure there are no official numbers showing how bad it really is, but eventually people will notice anyhow.

[Yavin4]

8. They cannot do that unless they want a market panic.

The markets are based primarily on confidence of the numbers, like GDP, Unemployment, etc. Cooking the books outright kills that confidence and investors will pull out. Messing with the independence of the Fed and it's the same thing. During the 2008 collapse, many credit ratings agencies got hit with lawsuits because they cooked the books on the health of the sub prime mortgages. Trump cannot mess with the money.

[surfered]

4. Trumps tariffs will end that!

[maxsolomon]

7. IRRELEVANT! The vibes are bad.

Butter cost more than I wanted it to this morning. Curse you, Biden!