October 29, 2004
Third Quarter GDP
The BEA's advanced estimate for GDP growth is 3.7%. Not exactly a blistering pace, but not horrible either. Also, the second quarter GDP growth has been revised to 3.3%.
Posted by Steve at October 29, 2004 11:10 AMThe Q2 revision to 3.3% utilized the Inflation rate, so actual real growth was probably about 1.2%. The 3.7% growth of Q3 means about 1.6% actual. It is sincerely not a Jobs Recovery, nor will it produce windfall Profits for Corporate structure--excepting the Oil industry. Truth must state this Recovery is not just anemic, it is a Polio Child. lgl
Posted by: lgl on October 29, 2004 11:32 AMI'm pretty sure the above is incorrect, and the stated gdp percentage increases are on a real, inflation-adjusted basis.
Steve is right-- these are middling numbers, not terrible, not spectacular. If the nominal increase in gdp were 3.7%, meaning netting out inflation would yield a real growth rate in the 1%s, that would indeed be terrible at this state of the recovery, and we'd all have heard of that claim.
All the many anti-Bush sites I frequent make no mention of any such 1% real gdp growth rates, which they surely would, if that were true. And I am no Bush supporter or apologist, having voted for the Democratic Party's candidate for office since '72.
Posted by: sofla on October 29, 2004 03:02 PMA rare ocassion where I agree with Sofla. If the real GDP growth was in the 1%'s we'd definitely be hearing about it from Kerry as well as others. Those numbers would be really bad.
Posted by: Steve on October 29, 2004 03:20 PM