THE THIRD QUARTER GDP REPORT CONFIRMS AN ANEMIC RECOVERY UNDER OBAMA
The First Of Three Estimates Of Growth For The July-September Quarter Sketched A Picture That’s Been Familiar All Year: The Economy Is Growing At A Tepid Rate…” “The first of three estimates of growth for the July-September quarter sketched a picture that’s been familiar all year: The economy is growing at a tepid rate, slowed by high unemployment and corporate anxiety over an unresolved budget crisis and a slowing global economy.” (“US Economic Growth Improves To 2 Percent Rate In Q3 On Higher Defense, Consumer Spending,” The Associated Press , 10/26/12)
National GDP Grew By 2 Percent In The Third Quarter. “Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.0 percent in the third quarter of 2012 (that is, from the second quarter to the third quarter), according to the “advance” estimate released by the Bureau of Economic Analysis.” (Press Release, “National Income And Product Accounts – Gross Domestic Product: Third Quarter 2012 (Advance Estimate),” Bureau Of Economic Analysis, 10/26/12)
The Average GDP Growth For 2012 Thus Far In The Year Trails That Of 2011. “And the 1.74 percent rate for 2012 trails last year’s 1.8 percent growth, a point GOP nominee Mitt Romney will emphasize.” (Christopher S. Rugaber, “US Economic Growth Improves To 2 Pct. Rate In Q3,” The Associated Press , 10/26/12)
- “Growth Was Held Back By The First Drop In Exports In More Than Three Years And Flat Business Investment In Equipment And Software.” (Christopher S. Rugaber, “US Economic Growth Improves To 2 Pct. Rate In Q3,” The Associated Press , 10/26/12)
- “Growth Was Held Back By The First Drop In Exports In More Than Three Years And Flat Business Investment In Equipment And Software.” (“US Economic Growth Improves to 2 Percent Rate In Q3 On Higher Defense, Consumer Spending,” The Associated Press , 10/26/12)
- Sectors That Previously Drove Growth In The Economy “Are Now Fading.” “While growth remains modest, the factors supporting the economy have changed. Exports and business investment drove growth for most of the recovery, but are now fading. Meanwhile, consumer spending has ticked up. And housing is adding to growth after a six-year slump.” (“U.S. Economic Growth Improves To 2 Percent Rate In Q3 On Higher Defense, Consumer Spending,” The Associated Press , 10/26/12)
- “Weaker Business Investment Held Back Growth…” “Weaker business investment held back growth in the third quarter, a sign that companies are hesitant to spend amid broad uncertainty over policies in Washington and slowing demand from abroad. Nonresidential fixed investment, a category that includes business spending on structures and equipment, fell 1.3% during the third quarter, compared with a 3.6% gain the prior period.” (Jeffrey Sparshott and Eric Morath, “GDP Rises 2%, Helped By Consumers,” The Wall Street Journal, 10/26/12)
- “Since The Recovery From The Great Recession Began In June 2009, The U.S. Economy Has Grown At The Slowest Rate Of Any Recovery In The Post-World War II Period.” (“US Economic Growth Improves To 2 Percent Rate In Q3 On Higher Defense, Consumer Spending,” The Associated Press , 10/26/12)
