Economic Statistics for 26 Oct 12
The following US economic statistics were announced today:
The Commerce Department reports that the initial estimate for 3rd quarter GDP was that the economy grew at a lackluster 2.0% annualized pace. The GDP price index rose more than expected, to 2.8%. Government spending was surprisingly positive for the report, as were personal consumption expenditures, led by durable goods. Still, growth is below normal, so the outlook for employment growth is not good.
The Reuter’s/University of Michigan’s consumer sentiment index posted an October reading of 82.6.
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Dale Franks
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2%? How can that be? Just two years ago, Scott Erb, the knower of all things in the universe, told us a 3.5% GDP growth rate was sustainable. I guess it’s really easy to sustain it if you lower your expectations a bit.
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