Bloomberg: US GDP Probably Grew 3.2% As Stimulus Took Hold

Bloomberg:

The economy in the U.S. probably grew in the third quarter at the fastest pace in two years as government stimulus helped bring an end to the worst recession since the 1930s, economists said before reports this week.

Read the whole story: Bloomberg

Comments

[investingonline]

where are the unemployment benefits we need?

he's right: http://finnanceopinionss.blogspot.com

./

[RomeoMD25]

NAFTA: Ross Perot and Al Gore Debate 1993

http://www.youtube.com/watch?v=GhwhMXOxHTg

[vippy]

And we PROBABLY get out of the recession next year. What nonsense! Either we did or we did not!
They got the figures right every time or so they want to convince us with the unemployment.
I don't buy into this, I don't see it. Companies are still laying off. No jobs, no recovery! I don't go for all of this positive talk.

[themodernleader]

Any growth was the growth of unbacked money from the Treasury and Federal Reserve flooding the banks and stock markets, and the ungodly gains from buying and selling our remaining assets to unknown buyers form opaque sellers. This inflation was seen and painfully felt as rising costs by most every American citizen.

[Sinick]

If the economy grew, please explain to me what the "economy" really is. Tens of millions unemployed and even more without health insurance?

It seems to me that the "economy" equals todays stock index (not tomorrows). It seems to me that the "economy" would be even better if workers had no health insurance or retirement benefits and every company would be more profitable. It seems to me that the real economy will improve when the workers (the people who actually produce "stuff" and spend money on goods and services) have a semblance of job security, stability and prosperity--not just the "working people" on Wall Street who produce nothing of tangible value (LEECHES).

Back in the day, corporations unknowingly painted themselves into a corner by offering benefits to their employees. Now they are so desparate to increase profits that the current vogue is to eliminate the jobs of workers with the very benefits that they championed and/or forcing them to do the job of two or three workers in order to preserve what semblance of job security that remains. Better yet, hire foreigners with H1 visas and/or contractors with no benefits--whatever is the most "profitabl­e."

This is not the "economy" we want for the future.

[sposton]

You are exactly right.

[watchTVgetSTUPID]

When we pay 50% more for everything, then the GDP will increase by 50%. That is because they claim there is no inflation.

[macksamillion]

I don't know why HP would even refer to a Bloomberg article. They have lost all credibility. There web site is constantly producing BS forward looking stories out of Washington. Go there now, 6:25 PM est, and read GDP Probably Grew as Stimulus Took Hold: U.S. Economy Preview. That story will be up there all night and into tomorrow. Meanwhile the same line will scroll across their tv channel for the next 18 hours. If they repeat it enough ....

As for their tv station, one which used to be the standard for all financial professionals, they have become nothing more than pop tv, no more hard hitting solid data.

Does anyone think that Michael Bloomberg has an interest in pumping up the markets?

[winningticket]

I hope it's not another Lucy holding the football and then pulling from Charlie Brown when he attempts to kick it. If the data comes in less than expected as these predictions seem to have, the markets will grow more volatile as vultures like Goldman try to game the system.

[wilsonveteran]

More smoke and mirrors. The rise in the GDP was because of two government programs that have either ended or about to end. A short term fix for a long term problem. I don't see any jobs started with this recovery but after all we should expect 10% unemployment to be the norm in the new American economy according to WH economist. We are about to lose another 4 million jobs in the next year. With the coming of cap and trade we can expect substainially higher home heating and cooling cost along with 4 to 5 dollar a gallon gas. This will destroy 2 million jobs. Then there is the health care initiative. Once the triggers kick in which they will we will have government run health care and another 2 million jobs will go down the tubes as Health insurance companies go away. But according to Progressives these people are not real Americans and deserve to be without a job. This also does not take into account the high interest and hyper inflation that all this government borrowing and spending always creates. Welcome America to our new third world status. Michele Obama can once again be proud of this nation. That will make twice right.

[MetalCanuck]

Perfect post, the only thing you have wrong which isn't your fault is the unemployment figure. Its actually 21.4 percent right now. www.shadowstats.com

On this website you will find the way they used to count unemployment in the 40's and 50's. We are at depression levels now. THe only reason there isn't mass chaos is because of welfare and food stamps.

[sposton]

I agree. I trust shadowstats statistics. The way statistical indicators are arrived at have fundamentally changed under Clinton and have been deteriorating ever since. Governmental statistics are all lies. The way unemployment is figured out today is completely different from the way it was done only a couple of decades ago. The method for determining inflation was changed so that Social Security increases would be reduced. That was done under Clinton, Rubin and Summers gang.

[sposton]

Yes, smoke and mirrors.

[cadawa]

Flim flam. Speculation is not GDP.

[research]

BS! the GDP is a measure of money moving around, no the actual economy.

all these Derivatives es leveraged 10 times ot more are included in the GDP!

CDS derivative contracts were 10 times the actual Main Street market and caused the crash!

The 4 last richest people in the world can sell and buy stuff from each other, and the GDP would go up, while the nations starves.

see my profile for the story and links.

[sposton]

You are correct. All we need is more crime and a natural disaster and our economy will show a promising growth. ;-)

[hellboundtrain]

It's up! It's down, and all around! Anything can be shown in any way at all
through not-so-subtle manipulation! And no one can prove where it should truly be.

Truly; now there is a word, but it is a foreign concept, like justice!

[globalcitizenlinda]

I fully agree with all of those who are rightfully worried about the unemployement rate given how fast jobs were lost over the past two years.

However, one thing that has been encouraging is that for the first time in a long time, there is some positive growth in domestic US manufacturing and if this trend continues and increases then the country will be heading in the correct direction.

But I can see those who are ready to deny President Obama any credit for the current trend because they dare not believe that he has stopped this economy from going into a great depression

[Artos]

The unemployment that exists presently is probably going to stay that way. Those who are well taken care of at the top could careless because along with their other goals, which are the war and no health care will all serve to diminish the population to the desired levels that they hope for. The lesser Americans have served their purpose of furthering the wealth of the Rich. Now that the rich are comfortably ensconced in palatial mansions and they have all of their needs taken care of, including keeping around just enough people in service jobs to act as their "Help", they no longer need the excess population around. It all makes sense if you look at it from their point of view. Hell, they have plenty of other markets around the world now so they don't need us as consumers. Things are looking up for them.

[MetalCanuck]

The only reason why there was any production at all is because of government spending, now we are all in more debt so we will suffer more. If we don't stop stimulating the economy our dollars will become worthless.­.if you think what we have now is hard imagine if your money buys nothing. Once the stimulus money is gone so is the economic activity..­thats how bad it is.

[mravka]

Key word here; "probably".

Another non-story.

[petridish]

Coming soon to a theater near you.....

http://www.bloomberg.com/apps/news?pid=20601087&sid=aKzfVQqux374

No jobs, no recovery

[olephart]

Well, we certainly won’t have a problem showing GDP growth, they calculated that number months ago. Releasing the number is just a formality.

[Labsaregreat]

Employment is still the problem. I was looking over some recent numbers and GDP would have to grow at a rate of over 6 percent over the next 3 years to get us back to 6% unemployment. The unfortunate thing is that the stimulus bill was less about stimulus and more about transfer payments. I am not arguing for or against the stimulus bill only that it was not stimulative.

[sonofsamphm1c]

It was most definitely a rock-solid stimulus.