The U.S. economy expanded at a robust 3.5 percent rate in the third quarter, the Commerce Department said today, but poor wage growth and a global slowdown still dog the recovery.
The increase, which was broad-based and beat expectations, follows a GDP growth rate of 4.6 percent in the second quarter and a decline of 2.1 percent in the first.
The White House used the poor performance around the rest of the world to tout its own performance. “Since the financial crisis, the U.S. economy has bounced back more strongly than most others around the world, and the recent data highlight that the United States is continuing to lead the global recovery,” said Council of Economic Advisors Chairman Jason Furman.
But the worldwide economic slowdown could bring the United States economy back down. And, that the White House is still talking about a “recovery” six years after the recession ended suggests the failure of President Obama’s economic policies.
What’s more, wages continue to just barely outpace inflation, meaning most Americans are gaining little to nothing back from the losses they incurred during the recession.