Q3 GDP at 3.5 percent (1 Viewer)

superchuck500

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Upward revision shows the US economy's health and growing strength continuing.

The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, amid solid consumer spending and a jump in soybean exports.
Gross domestic product increased at a 3.5 percent annual rate instead of the previously reported 3.2 percent pace, the Commerce Department said in its third GDP estimate on Thursday.

Growth was the strongest since the third quarter of 2014 and followed the second quarter's anemic 1.4 percent pace.

Output was also lifted by upward revisions to business investment in structures and intellectual property products, underscoring the economy's solid fundamentals, which contributed to the Federal Reserve raising interest rates last week.

Final reading on US Q3 gross domestic product was up 3.5% vs 3.2% prior estimate
 

efil4stnias

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All POTUS has to do is maintain it.

Thats it.

I believe dtc routinely posted about economic strength and numbers and this is just more confirmation of those prior posts over the past year or so.

Its not "roaring" back...but its steady and bringing confidence back to the consumer.
 

Galbreath34

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Yeah, part of the thing that may have given Bush some momentum back in 2000 was the April or May NASDAQ bubble bursting and a rough ride for the markets from then through the election. I'm not even sure Gore could have been smart enough to return to the "It's the economy stupid" message, but once things started to stumble it made it harder for him to turn to that.
 

JimEverett

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In some ways you can see Trump as inheriting the best economy since George H.W. Bush took office, certainly since Clinton.

I will say though that there are some decent similarities between now and when Clinton took over. The economy is growing and there are many signs of optimism. But in 1992 you had some real economic anxiety especially among the working class - and it was concentrated in the geographic regions of the northeast and midwest - very similar to the present.
 
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superchuck500

superchuck500

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In some ways you can see Trump as inheriting the best economy since George H.W. Bush took office, certainly since Clinton.

I will say though that there are some decent similarities between now and when Clinton took over. The economy is growing and there are many signs of optimism. But in 1992 you had some real economic anxiety especially among the working class - and it was concentrated in the geographic regions of the northeast and midwest - very similar to the present.

Yeah, I think that makes sense. We were also in the midst of a manufacturing transformation in the early 90s that picked up steam during the Clinton years - the very same transformation that Trump has promised to try to claw back. How much he can do that remains to be seen.

I think we're in the midst of a similar transformation that is still in the early phases but picking up pace quickly. Automation is going to replace more and more jobs as we move forward with the technology that is getting better and cheaper. Two obvious examples are vehicles (even though it might be another decade or longer before many cars on the road are self-driving, it's likely to be sooner that we see automated vehicle operation in controlled environments like shipping and rail yards) and retail shopping, where apparently several contenders have advanced systems that allow buyers to simply walk past a scanner and all purchases are rung up (and even paid automatically if the shopper has quick pay enabled). If you start shrinking jobs operating vehicles and working retail, you're talking about significant job loss.

In the 90s, the US lost millions of jobs doing things like sewing textiles and operating old-tech manufacturing machines (like metal stampers). Those jobs aren't coming back and those workers have had to learn other skills. In the next eight years, we could easily see millions of jobs lost in new areas and it is going to be a challenge for our whole economy to figure out how those households put food on the table.
 
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Really nothing is safe over the next decade. Maybe somethings like random and creative jobs that are more art than science.

The next job to be automated: bartending? - MarketWatch

And then there's this...

https://www.whitehouse.gov/sites/wh...rtificial-Intelligence-Automation-Economy.PDF

Recent progress in Artificial Intelligence (AI) has brought renewed attention to questions about
automation driven by these advances and their impact on the economy. The current wave of
progress and enthusiasm for AI began around 2010, driven by three mutually reinforcing factors:
the availability of big data from sources including e-commerce, businesses, social media,
science, and government; which provided raw material for dramatically improved machine
learning approaches and algorithms; which in turn relied on the capabilities of more powerful
computers. During this period, the pace of improvement surprised AI experts. For example, on a
popular image recognition challenge that has a 5 percent human error rate according to one error
measure, the best AI result improved from a 26 percent error rate in 2011 to 3.5 percent in
2015. This progress may enable a range of workplace tasks that require image understanding to
be automated, and will also enable new types of work and jobs. Progress on other AI challenges
will drive similar economic changes.
 

Galbreath34

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In some ways you can see Trump as inheriting the best economy since George H.W. Bush took office, certainly since Clinton.

I will say though that there are some decent similarities between now and when Clinton took over. The economy is growing and there are many signs of optimism. But in 1992 you had some real economic anxiety especially among the working class - and it was concentrated in the geographic regions of the northeast and midwest - very similar to the present.
I'd say since Bush, but who knows. I seem to remember 1992 as already tipping toward recession in a lot of people's minds and that taking it's toll on the incumbent. IIRC there was a lot of argument about whether the prior 2 years were a recession or less than one, with a lot of positives by 1992 but still a lot of unemployment. So I'd say the mixed bag Clinton got is a slightly worse mixed bag than now, but everything is sort of reversed. We have poor growth but unemployment is down and a lot of the rest are positives. It's like the net of 1992 and now are the same but the details all mixed up. You couldn't have two more different incoming POTUSes either (young, centrist liberal, career politician, Southern vs ancient, extreme right, anti-politician, New Yorker). I sure hope Trump can do as well with the economy as Clinton did his first term. I didn't vote for Bill first time, but had to vote for him in 1996 after what he did for the economy.
 

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