Posts Tagged ‘gdp

27
Aug
15

The Economy Is Growing. Don’t Screw It Up, Congress

By Nerdy Wonka 115 Comments
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Jason Furman: Second Estimate Of GDP For The Second Quarter Of 2015

Real GDP growth in the second quarter was revised markedly upward, as consumers spent more and businesses invested more than previously estimated. The economy grew at a much faster pace in the second quarter than in the first, with strong personal consumption leading the rebound. At this time in the global economy, it is essential that we continue to do everything we can to maintain America’s domestic economic momentum—including avoiding a return to fiscal brinksmanship or unnecessary austerity by passing an on-time budget that reverses the sequester, increasing investments in infrastructure as part of a long-term transportation reauthorization, and other steps to foster long-term growth.

1. Real Gross Domestic Product (GDP) rose 3.7 percent at an annual rate in the second quarter according to the BEA’s latest estimate, well above the first quarter’s 0.6 percent pace and the BEA’s initial second-quarter estimate of 2.3 percent growth. In the second quarter, the increase in GDP growth was led by a faster pace of personal consumption growth than in the first quarter and a shift from negative to positive net export growth. Structures investment, which declined sharply in the first quarter and was previously thought to have declined in the second, is now estimated to have grown. Overall, real GDP has now risen 2.7 percent over the past four quarters.

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12
Jun
15

The Economy Is Rebounding. Thanks, President Obama

By Nerdy Wonka 126 Comments
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Jeffrey Sparshott: Economists React to the May Jobs Report: ‘Unambiguously Positive’

U.S. employers added 280,000 jobs in May, the unemployment rate rose to 5.5% from April’s 5.4% as more Americans joined the workforce, and wages firmed. With the labor market showing signs of strength, all eyes are now on the Federal Reserve, which has pinned interest rates near zero since December 2008. Here’s what economists had to say. “Any doubts about lingering economic weakness in the second quarter, at least as it relates to the labor market, were certainly erased with the release of the May employment report….In addition to the stronger-than-expected headline figure, revisions to prior months were positive 32,000 but perhaps most importantly, the average hourly earnings number increased by 0.3%. As a result, the year-over-year change in earnings is now 2.3%, the highest level since it briefly ticked there in August 2013.”–Dan Greenhaus, chief strategist at BTIG

Clay Bennett, Chattanooga Times Free Press

“Even if one holds a long-term capped growth/secular stagnation view as we do, there can be and indeed are some unambiguously positive economic data in the meantime. Today’s payroll release was certainly one of them.” –Guy LeBas, managing director for fixed income strategy at Janney Montgomery Scott “This 280,000 rise in May payroll jobs, combined with a 32,000 upward revisions to job growth in March and April, reinforces our view that the decline in real GDP in the first quarter was an aberration due mostly to temporary factors and statistical problems acknowledged by the [Bureau of Economic Analysis]….I expect real GDP growth to rebound to at least 3.0% per annum in the middle two quarters of this year on strength in consumer spending, residential and nonresidential (including public) construction and less drag from private energy investment and net exports.” –Stu Hoffman, chief economist at PNC Financial Services “We see this as a very strong report, and it provides strong affirmation that underlying strength in the economy is building as the recovery moves back on track

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06
Mar
15

An Improved Economy. Thanks, President Obama

By Nerdy Wonka 158 Comments
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13
Jan
15

The U.S. Economy Keeps Progressing. Thanks, President Obama

By Nerdy Wonka 114 Comments
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Obama Progress

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Rich Miller: U.S. Retakes The Helm Of The Global Economy

The U.S. is back in the driver’s seat of the global economy after 15 years of watching China and emerging markets take the lead. The world’s biggest economy will expand by 3.2 percent or more this year, its best performance since at least 2005, as an improving job market leads to stepped-up consumer spending, according to economists at JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA. That outcome would be about what each foresees for the world economy as a whole and would be the first time since 1999 that America hasn’t lagged behind global growth, based on data from the International Monetary Fund. About 3 million more Americans found work in 2014, the most in 15 years and a sign companies are optimistic U.S. demand will persist even as overseas markets struggle.

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The U.S. is breaking away from the rest of the world partly because it has had more success working off the debt-driven excesses that helped precipitate the worst recession since the Great Depression. “The progress has been far greater in the U.S.,” Glenn Hubbard, dean of the Columbia Business School in New York and a former chief White House economist, told the American Economic Association annual conference in Boston on Jan. 3. The U.S. has pulled ahead of other industrial nations partly because its policy-making has been better, according to Paul Mortimer-Lee, chief economist for North America at BNP Paribas in New York. U.S. budget policy also has been more effective than the euro region’s austerity strategy, which undercut the continent’s economy, Mortimer-Lee added.

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09
Nov
14

You Don’t Know What You’ve Got Until It’s Gone

By Nerdy Wonka 128 Comments
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Obama Facts

@RickStrandlof

20
Oct
14

Jobs? ✔ Economy Growing? ✔ Thank You, President Obama

By Nerdy Wonka 138 Comments
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Obama Jobs

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Loraine Woellert: Factory Production Rebounds As U.S. Sustains Expansion

Production at American factories rebounded, claims for jobless benefits fell to a 14-year low and households held the most optimistic views in two years, signs the world’s largest economy is overcoming a global slowdown. Manufacturing output climbed 0.5 percent in September, springing back from a 0.5 percent drop the prior month, as factories pushed out more computers, appliances and building-supplies, according to Federal Reserve data issued today in Washington. Other reports showed the momentum is being sustained as the fewest workers since April 2000 filed applications for unemployment insurance last week and more consumers said this month that the economy will get better.

The reports bolster forecasts that the U.S. expansion will survive the weakening in Europe and emerging nations that has roiled global financial markets. American consumer spending, which accounts for almost 70 percent of the economy, is likely to strengthen as employment keeps growing and confidence climbs. Ford Motor Co. is among those automakers that remain upbeat. The second-biggest U.S. carmaker is adding workers at its Dearborn, Michigan, plant as it prepares for its new aluminum-bodied F-150 pickup. The truck is scheduled to arrive in showrooms by the end of the year. “These new jobs will help meet anticipated customer demand,” said Joe Hinrichs, Ford’s president of the Americas, during an Oct. 13 announcement. The company has hired more than 23,000 employees since 2011.

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16
Oct
14

The Deficit Is Falling? You Can Thank President Obama

By Nerdy Wonka 151 Comments
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Obama GOP

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Brett Logiurato: The Budget Deficit Just Fell To Its Lowest Level Under Obama

The US budget deficit fell to about $483 billion in fiscal year 2014, almost a $200 billion drop from the previous year and the lowest level of President Barack Obama’s six years in office. The US Treasury Department released the official figures on Wednesday, generally confirming figures released by the nonpartisan Congressional Budget Office last week. It’s the smallest deficit recorded since 2008.

FY2014 was the fifth consecutive year the deficit declined as a percentage of GDP. It is now an estimated 2.8% of GDP, a percentage that puts it below the average of the past 40 years. The Treasury’s figures chalked up the shrinking deficit to increased revenues from taxes and slowed growth in government spending. “It’s really a rise in revenues because of economic growth, because of the policies the president pursued, that we’ve made progress on the deficit,” said Shaun Donovan, the director of the Office of Management and Budget.

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