Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
Editorials & Other Articles
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Ewww, REAL GROSS domestic product grew 2.3% rate in Q3 (final estimate, up from previous estimate)
Last edited Thu Dec 23, 2021, 08:07 PM - Edit history (3)
US economy grew at 2.3% rate in Q3, up from earlier estimate, AP, 12/22/21
WASHINGTON (AP) — The U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday ((Dec 22. That's an annualized rate to be crystal clear -Progree)).
The third and final look at the performance of the gross domestic product, the nation’s total output of goods and services, was higher than last month’s estimate of 2.1% growth.
The new-found strength came primarily from stronger consumer spending than what was previously thought, as well as businesses rebuilding their inventories more than initial estimates revealed.
The 2.3% third quarter gain follows explosive growth that began the year as the country was emerging from the pandemic, at least economically. Growth soared to 6.3% in the first quarter and 6.7% in the second quarter ((all these numbers are annualized rates, for Chrissake -Progree)). The emergence of the delta variant in the summer was blamed for much of the third quarter slowdown.
More: https://apnews.com/article/coronavirus-pandemic-business-health-economy-gross-domestic-product-119b8182404771d0362da6d0d49891c0
WASHINGTON (AP) — The U.S. economy grew at a 2.3% rate in the third quarter, slightly better than previously thought, the Commerce Department said Wednesday ((Dec 22. That's an annualized rate to be crystal clear -Progree)).
The third and final look at the performance of the gross domestic product, the nation’s total output of goods and services, was higher than last month’s estimate of 2.1% growth.
The new-found strength came primarily from stronger consumer spending than what was previously thought, as well as businesses rebuilding their inventories more than initial estimates revealed.
The 2.3% third quarter gain follows explosive growth that began the year as the country was emerging from the pandemic, at least economically. Growth soared to 6.3% in the first quarter and 6.7% in the second quarter ((all these numbers are annualized rates, for Chrissake -Progree)). The emergence of the delta variant in the summer was blamed for much of the third quarter slowdown.
More: https://apnews.com/article/coronavirus-pandemic-business-health-economy-gross-domestic-product-119b8182404771d0362da6d0d49891c0
From the source, https://bea.gov (Bureau of Economic Analysis)
Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, Third Quarter 2021
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.
The “third” estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to "Updates to GDP" ).
More: https://www.bea.gov/news/2021/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-3rd
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the third quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 6.7 percent.
The “third” estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 2.1 percent. The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down (refer to "Updates to GDP" ).
More: https://www.bea.gov/news/2021/gross-domestic-product-third-estimate-gdp-industry-and-corporate-profits-revised-3rd
Emphasis added by Progree
These rates are always "real" rates, meaning inflation-adjusted. I've never seen the raw (unadjusted) rates presented in either the media or in the BEA's news release, though one can dig for them in the BEA's tables and data sets.
3 replies
= new reply since forum marked as read
= new reply since forum marked as read
Okay.
Ha. Ha.
I know you are trying and it is a tough room. Tough times, so Yeah, a little levity is better than none. I do hope you have seen "gross" in the context of GDP before.
Anyway, thanks for posting this information.
