{"id":2895,"date":"2009-10-29T14:46:08","date_gmt":"2009-10-29T18:46:08","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2895"},"modified":"2009-12-22T14:02:32","modified_gmt":"2009-12-22T19:02:32","slug":"third-quarter-gdp-rises-to-3-5-but","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/10\/29\/third-quarter-gdp-rises-to-3-5-but\/","title":{"rendered":"Third Quarter GDP Rises to 3.5%&#8230; But&#8230;"},"content":{"rendered":"<p>From <a href=\"http:\/\/www.reuters.com\/article\/topNews\/idUSTRE59S1EF20091029?sp=true\" target=\"_blank\">Reuters<\/a>:<\/p>\n<blockquote><p>The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance.<\/p>\n<p>Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an annual rate of 3.5 percent in the July-September period, snapping four down quarters with its fastest growth pace since the third quarter of 2007 and exceeding forecasts for a 3.3 percent rate.<\/p><\/blockquote>\n<p>The good new is that the U.S. economy has stopped shrinking, the bad news is that all the growth was driven by emergency government programs like Cash for Clunkers and the $8000.00 first time home buyer tax credit. As Reuters Political Risk bloger James Pethokoukis <a href=\"http:\/\/blogs.reuters.com\/james-pethokoukis\/2009\/10\/29\/americas-potemkin-economy\/\" target=\"_blank\">points out<\/a> when you strip out Cash for Clunkers 3rd quarter GDP was just 1.6 percent. If you\u00a0 also strip out the slowing inventory cuts GDP was just 0.6 percent.<\/p>\n<p>The bottom line is this, when you add in the <a href=\"http:\/\/www.google.com\/hostednews\/ap\/article\/ALeqM5gNiyJ905Ho0Ur96V2TQhsBX19lGwD9BK81G80\" target=\"_blank\">sharp drop<\/a> in new home sales and the <a href=\"http:\/\/www.foxnews.com\/politics\/2009\/10\/29\/time-jobless-claims-drop-slightly-week\/\" target=\"_blank\">barely there<\/a> dip in first time jobless claims last week, the economy may be improving but has yet to turn the corner in any meaningful way. These numbers may be enough to make the Obama Administration look good for the next three months, but if they don&#8217;t stop these gimmicky programs and do something to spur real investment and create sustainable long term growth we&#8217;re headed for a double dip recession that they won&#8217;t be able to blame on the Bush Administration.<\/p>\n<p><strong>Related<\/strong><\/p>\n<ul>\n<li><a href=\"http:\/\/www.google.com\/hostednews\/ap\/article\/ALeqM5jMNoef6xDenBbHWO0Im6rIjDmAgAD9BKKBIG0\" target=\"_blank\">Stimulus jobs overstated by thousands<\/a> &#8211; Associated Press<\/li>\n<li><span><a href=\"http:\/\/kudlow.nationalreview.com\/post\/?q=OTg3YzdjYjU5ZmUwYzZiYTg4ZTIzYjU0MGFmMDk0YjY=\" target=\"_blank\">GDP Up, Dollar Down, Troubles Remain<\/a> &#8211; Larry Kudlow<br \/>\n<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>From Reuters: The U.S. economy grew in the third quarter for the first time in more than a year as government stimulus helped lift consumer spending and home building, fueling an unexpectedly strong advance. Signaling the end of the worst recession in 70 years, the Commerce Department on Thursday said the economy expanded at an [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[51,799,901,1363,570,462],"class_list":{"0":"post-2895","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-bush-administration","9":"tag-cash-for-clunkers","10":"tag-commerce-department","11":"tag-economy","12":"tag-gdp","13":"tag-obama-administration","14":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-KH","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3090,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/12\/22\/commerce-department-revises-3rd-quater-gdp-downward-again\/","url_meta":{"origin":2895,"position":0},"title":"Commerce Department Revises 3rd Quater GDP Downward&#8230; Again","author":"Jeff","date":"December 22, 2009","format":false,"excerpt":"Two months the media and Obama Administration were trumpeting the announcement that third quarter GDP had grown at an annualized rate of 3.5%. Unfortunately, their celebrations were a bit premature the Commerce Department today announced their final estimate of third quarter GDP... Not surprisingly third quarter GDP was a lot\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3642,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/10\/29\/ouch-third-quarter-gdp-just-2-0\/","url_meta":{"origin":2895,"position":1},"title":"Ouch: Third Quarter GDP Just 2.0%","author":"Jeff","date":"October 29, 2010","format":false,"excerpt":"If Democrats were hoping for good news on the economy leading into Tuesday's elections they didn't get. Third GDP came in at an anemic 2.0%: The U.S. economy grew at a 2 percent annual rate in the third quarter as consumer spending climbed the most in almost four years, a\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4669,"url":"https:\/\/www.jasetaro.com\/blog\/2012\/09\/27\/gdp-collapse-shows-u-s-economy-in-danger-of-slipping-back-into-recession\/","url_meta":{"origin":2895,"position":2},"title":"GDP Collapse Shows U.S. Economy in Danger of Slipping Back into Recession","author":"Jeff","date":"September 27, 2012","format":false,"excerpt":"Ouch, the government today released its final estimate of U.S. economic activity in the second quarter, and the news isn't good, GDP was revised downward to 1.3% from the initial estimate of 1.7%: The fragile state of the US's economic recovery was thrown into focus once more Thursday as the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2602,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/13\/retail-sales-fall-jobless-claims-and-foreclosures-rise-in-july\/","url_meta":{"origin":2895,"position":3},"title":"Retail Sales Fall, Jobless Claims and Foreclosures Rise In July","author":"Jeff","date":"August 13, 2009","format":false,"excerpt":"Recovery, what recovery??? There's no good news in the economic data released today... If President Obama and the Democrats in Congress where hoping improving economic indicators would help rescue their health care reform plans there out of luck. Retail Sales fell 0.1 percent last month, while new jobless claims increased\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2625,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/18\/cash-for-clunkers-a-clunker-says-a-liberal-democrat\/","url_meta":{"origin":2895,"position":4},"title":"Cash for Clunkers, a Clunker, Says a Liberal Democrat","author":"Jeff","date":"August 18, 2009","format":false,"excerpt":"Ouch, keep in mind that Congressman blowing the whistle on problems with the supposedly \"wildly successful\" cash for clunkers isn't a Republican or even Blue Dog Democrat... He's a liberal Democrat: The federal government has only reimbursed auto dealers for 2 percent of the claims they've submitted through the popular\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3518,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/08\/25\/cnbc-economy-caught-in-depression-not-recession\/","url_meta":{"origin":2895,"position":5},"title":"CNBC: Economy Caught in Depression, Not Recession","author":"Jeff","date":"August 25, 2010","format":false,"excerpt":"I be the first one to admit I'm a pessimist on the economy, but not even I'm this pessimistic: Positive gross domestic product readings and other mildly hopeful signs are masking an ugly truth: The US economy is in a 1930s-style Depression, Gluskin Sheff economist David Rosenberg said Tuesday. Writing\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/comments?post=2895"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/2895\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=2895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=2895"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=2895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}