From AEI:
…the US economy is indeed performing very well, and this can be seen most readily by comparing its performance with that of other advanced economies, all of whom were hit by the same pandemic shock in 2020, followed by the same inflationary surge. Figure 1 below compares cumulative US inflation since December 2020 (that is, the rise in the price level) with that of other advanced economies. (Data for all figures are presented in the appendix.) Clearly, and despite the blame laid on Biden’s policies, there is nothing exceptional about recent US inflation. It reflects the same factors driving prices around the world—supply-chain disruptions, rising global commodity prices, the pandemic shift in consumption from services to goods, and fiscal stimulus.
Wow, that’s even more impressive than I’d thought!
ADP reports 233,000 new private sector jobs in October. Every sector except manufacturing g reported job gains.
Bust my buttons.
I think BLS reports on Friday (Nov. 1).
The 10% increase in real GDP over the past 5 years is impressive since 2020 was a Trumpian disaster.
Let’s note that the “cumulative” price increase under Biden is around 19% which is not the same thing Trump’s morons said about inflation being 19%. I would suggest Bruce Hall finally gets this but it seems he is not mentally capable of basic arithmetic.
You mean it’s different than what they tell us on Fox News and “News Nation”?? What the hell??
Gross Domestic Product, Third Quarter 2024 (Advance Estimate)
https://www.bea.gov/news/2024/gross-domestic-product-third-quarter-2024-advance-estimate
Real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024 (table 1), according to the “advance” estimate released by the U.S. Bureau of Economic Analysis. In the second quarter, real GDP increased 3.0 percent….The increase in real GDP primarily reflected increases in consumer spending, exports, and federal government spending (table 2). Imports, which are a subtraction in the calculation of GDP, increased. The increase in consumer spending reflected increases in both goods and services. Within goods, the leading contributors were other nondurable goods (led by prescription drugs) and motor vehicles and parts. Within services, the leading contributors were health care (led by outpatient services) as well as food services and accommodations. The increase in exports primarily reflected an increase in goods (led by capital goods, excluding automotive). The increase in federal government spending was led by defense spending. The increase in imports primarily reflected an increase in goods (led by capital goods, excluding automotive). Compared to the second quarter, the deceleration in real GDP in the third quarter primarily reflected a downturn in private inventory investment and a larger decrease in residential fixed investment. These movements were partly offset by accelerations in exports, consumer spending, and federal government spending. Imports accelerated.
Oklahoma has very little going for it. Dismal Republican leadership for decades, hence dismal public education for decades, hence very little to be proud of. It used to be that oil, football, and crazy weather were Oklahoma hallmarks. Well, they still have crazy weather. Yesterday (Tuesday) wild fires hit the county just north of me, destroying acres of land and some houses. So today around lunch the skies were overcast and we must have had a good quarter inch worth of rain. So what’s in store for this evening (one day before Halloween)?? What the national weather service is defining as “medium” chance of tornadoes.
https://www.spc.noaa.gov/products/md/md2166.html
Trump campaign confirms repeal of obamacare. If you have preexisting conditions, sorry, you will no longer be able to acquire healthcare. Thank trump for your loss of healthcare. Think before you vote.