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Economy Grows at a Robust Pace in the Third Quarter

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.

34 Responses to Economy Grows at a Robust Pace in the Third Quarter

  1. Economy may have grown, but wages and lack of jobs still bite. Also the price of everything has gone up. I am on a fixed income and losing ground with the food, power, water, taxes all going up. Gasoline is down to 2.959 lowest it been in a long time….

    • I have mentioned the food issue, several times. For the last several years I would noticed the items a few pennies up from the week (or so) before. In the last month or so, some items really shot up. People who are on set incomes, as well as people who lost their jobs (due to ocare).

  2. According to Zero Hedge, it wasn’t the US consumer leading the 3rd quarter growth, it was the creative accounting of the US government stepping up to increase defense spending by $30B – the greatest increase since 2008.
    We can thank ISIS and the War on Terror.

  3. I saw Donald Trump on Fox the other night, and he repeated some ideas which my husband and I hold. I was glad because sometimes we feel as if are out in the wilderness. Anyway, Trump brought out that the real unemployment figure when you do away with the smoke and mirrors is up around 18, 19, 20%. Also, he said that the only way the country is going to be saved is to bring production back here. He cited Apple, an American company which totally employs non-Americans.

    • What drives me crazy is that from just being out and about — so many people have EBT cards — it’s like a new currency. And there is so much corruption in the benefits and welfare system. I just finished reading about Alan Grayson — a truly despicable Fl Democrat — NW — 24 million –. He is divorcing his wife and she has applied for and received EBT benefits. WAR ON WOMEN aside it is just a small example of what is rife throughout the system.

      If welfare benefits were withdrawn this country would crater like the Soviet Union in the 90s.

      • Yes, we appear to be headed along the same path as the former Soviet Union. Another thing which Trump brought out was the over printing of money. (Of course, it’s digitalized not actually printed on paper, but that seems to make it easier for them and more scary for the country.)

      • Should start this month.

        Also heard talk that Yellen may ease up QE and interest rates etc will adjust accordingly. Pretty sure if the Republicans sweep Congress Obama will manipulate the Fed and blame it all on Congress. The Obama version of his taking his ball and going home.

        • Yes, we will go from “It’s all Bush’s fault” to “It’s all Congress’s fault” with no 8 year interlude of an Obama presidency.

        • Cavuto had one of his amusing rants on the QE saying it would be eliminated–the bond buying. Serves you right, fat cats, basically was his message. Well, I am a skinny cat–and I will get skinnier acct-wise (never body wise).