{"id":3642,"date":"2010-10-29T10:38:38","date_gmt":"2010-10-29T14:38:38","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=3642"},"modified":"2010-10-29T10:38:38","modified_gmt":"2010-10-29T14:38:38","slug":"ouch-third-quarter-gdp-just-2-0","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2010\/10\/29\/ouch-third-quarter-gdp-just-2-0\/","title":{"rendered":"Ouch: Third Quarter GDP Just 2.0%"},"content":{"rendered":"

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%<\/a>:<\/p>\n

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 sign the expansion is developing staying power.<\/p>\n

The increase in gross domestic product matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent gain the prior three months, Commerce Department figures showed today in Washington. Household purchases, about 70 percent of the economy, rose at a 2.6 percent pace, the best quarter of the recovery that began in June 2009.<\/p><\/blockquote>\n

The only real bright stop in the report was rise in consumer spending, which rose 2.6% in the quarter. The best gain in four years. The bad news is the economy is essentially stagnant…\u00a0 2.0% growth in GDP isn’t enough to create jobs, and will likely to lead to more layoffs.<\/p>\n

Anyway, if the trend continues and the GDP numbers are revised downward next month the blame will fall on President Obama, not the lame duck Congress.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 sign the expansion is developing […]<\/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":[534,57,1363,570],"class_list":{"0":"post-3642","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-2010-elections","9":"tag-barack-obama","10":"tag-economy","11":"tag-gdp","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-WK","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":2895,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/10\/29\/third-quarter-gdp-rises-to-3-5-but\/","url_meta":{"origin":3642,"position":0},"title":"Third Quarter GDP Rises to 3.5%… But…","author":"Jeff","date":"October 29, 2009","format":false,"excerpt":"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\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3090,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/12\/22\/commerce-department-revises-3rd-quater-gdp-downward-again\/","url_meta":{"origin":3642,"position":1},"title":"Commerce Department Revises 3rd Quater GDP Downward… 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 "Economy"","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":3642,"position":2},"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 "Economy"","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":3642,"position":3},"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 "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":732,"url":"https:\/\/www.jasetaro.com\/blog\/2008\/10\/09\/bleak-outlook-economists-see-three-straight-quarters-of-economic-contraction\/","url_meta":{"origin":3642,"position":4},"title":"Bleak Outlook: Economists See Three Straight Quarters of Economic Contraction","author":"Jeff","date":"October 9, 2008","format":false,"excerpt":"From the Wall Street Journal: The U.S. economy has sunk into a recession and government action is critical to stem the damage, according to economists in the latest Wall Street Journal forecasting survey. On average, the 52 economists surveyed now expect gross domestic product to contract in the third and\u2026","rel":"","context":"In "Economy"","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":3642,"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 "Economy"","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\/3642","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=3642"}],"version-history":[{"count":0,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/posts\/3642\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/media?parent=3642"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/categories?post=3642"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jasetaro.com\/blog\/wp-json\/wp\/v2\/tags?post=3642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}