GDP revised up to 4.9% for third quarter
WASHINGTON (MarketWatch) - The U.S. economy expanded at the fastest pace in four years in the third quarter, growing at an real annual rate of 4.9%, the Commerce Department said Thursday in its second estimate of last quarter's growth.So let's review.
The upward revision to gross domestic product was due to larger inventory building and a better trade balance. It was in line with Wall Street expectations.
A month ago, the government pegged third-quarter GDP at 3.9%. The government publishes three estimates of GDP, adding more complete information with each passing month.
Real GDP has increased 2.8% in the past year, close to the economy's long-run potential.
Unemployment is less than 5% and approaching the "natural rate of unemployment" while GDP has grown this year by 2.8% (anything over 2% is really good). So, while the housing industry is in trouble and there are individual regions that are seeing a significant slowdown, on a macroeconomic level, things are still going pretty well.
Of course, you will only hear this said by the MSM if and when a Democrat gets into the White House.
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