BUT WHAT’S DRIVING IT?
|| By FITSNEWS || Stop the presses … happy days are here again! Thanks to the magic of “double seasonal adjustment,” the American economy is humming on all cylinders again.
Even though record numbers of working age Americans don’t have jobs … and income levels remain flat.
Anyway, according to government bean counters the U.S. economy expanded at a 3.7 percent clip during the second quarter of 2015, a sharp upward revision from the 2.3 percent “advance” estimate released earlier this year.
“The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), exports, state and local government spending, nonresidential fixed investment, residential fixed investment, and private inventory investment,” the U.S. Bureau of Economic Analysis (BEA) concluded.
(To view the data for yourself, click here).
Courtesy of our friends at Zero Hedge, here’s how the big uptick looks visually …
So … what’s driving this “growth?”
Surging inventories. Specifically a $136 billion increase in inventories during the second quarter.
“This is an all time record, and a number which suggests the upcoming inventory liquidation will be truly epic, not to mention recessionary,” Zero Hedge noted in its analysis.
But don’t tell that to the MSM …
“Good News,” CNN’s headline declared. “The U.S. economy was in even better shape than we thought between April and June.”
In addition to the BEA’s updated second quarter data, the Atlanta Federal Reserve also released its latest “GDP Now” estimate – which revealed a modest uptick from 1.3 percent to 1.4 percent growth. No doubt that’s the result of the looming “inventory liquidation.”
In fact expect that number to slide …
“As a result of the record increase in inventories, expect the Atlanta Fed to promptly cut its already painfully low Q3 GDP estimate,” Zero Hedge added.
19 comments
These government numbers are a joke. The Obama regime is worst than the former USSSR in reporting the truth to the people.
Worst than? USSSR? I’m sorry Flip, but you’re going to have to repeat the fifth grade.
I put and extra ‘S’ in for Obama’s hero Saul Alinsky.
‘an’
I put an extra F on your report card for fucking up again.
I am an A student on Fits with a 100% ‘truth teller’ avg.
I deal only in facts, unlike liberals like YOU!
Flip – they schooled you on that one.
No big deal.Us conservatives have a sense of humor.Why are you the ONLY socialist on Fits that has one? :)
Because actually I lean moderate to slightly left (except on whinning people who say they can’t finda job – for them I take a more conservative view – if you can’t find one – you ain’t looking too hard.)
Bad news is always bad news, and good news is always bad news.
According to the Bureau of Labor Statistics, the true unemployment rate has risen almost 10% since 1995. The BLS uses the same factors Bernie Sanders mentioned during his speech last month, such as Americans forced to work only part time as well as people who have given up looking for a job, in order to show that more than a quarter of working age Americans can’t find employment. Released the day after the Jobs Report, the BLS found 92,898,000 Americans are not participating in the job force. That number, 23%, is the highest rate in more than thirty years.
In 1997 there were 65 million Americans not participating in the workforce. In 2008 that number had numbed to 79 million. It is hard to believe how George W Bush managed to push nearly 15 million people out of the work force. But right, that was a great economy, so maybe we’re measuring backwards. If Bush pushed 15 million people out of the workforce, and Obama about the same, and Bush was a Economic God – then I guess Obama’s kicking some serious ass too – right Flip?
There’s a fairly basic question at the core of the Obama depression. Why has the food stamp program grown so rapidly since 2008— to the point where 47 million Americans, one-sixth of the country, now receive food stamps?
Checkmate. Next!
The growth started in 2004, but don’t let that stop you. Oh, and don’t forget, it’s already retreating for the last year. But then again, facts don’t always support your opinions.
I know a couple fucks who aren’t looking for work.
Fits is RIGHT!
The jobs Americans are finding are less than stellar. According to the Social Security Administration, 39% of Americans earn less than $20,000 a year, with 72% making less than $50,000. Not even half of American workers clock more than 30 hours a week. That income looks poor when the average American household possesses more than $15,000 in credit card debt, and more than $32,000 in student loan debt.
3.7% – not bad. Not bad at all. Thank you Senor Obama.
I don’t believe it, This country has been sputtering through most of the Obama administration. But, when you have the government statisticians and ninety per cent of the Washington bureaucrats rooting for you, the numbers will reflect their approval.
How do you think the unemployment rate got under eight percent prior to the 2008 election?
Government chefs, cooking the books.
There will be another set of unbelievable numbers coming prior to the 2016 election, that will reflect positively on the Democrat nominee through the Obama administration. Washington has evolved into a pep squad for Democrats.
What don’t you believe genius? For a guy that shops Walmart we can certainly question your economic and fiscal IQ. Keep buying those guns, beer and continue watching Fox and believe in The Donald. You can’t tell us that Cheney & Company didn’t cook the books and lied about “weapons of mass destruction” etc. Keep dreaming pal.