3rd Quarter U.S. GDP Growth Revised Upward, Durable Goods Orders Increase, New Home Sales Increase 31.6% Year-over-Year…

More signs the U.S. economy is very strong show up today as several key economic indicators defy prior economist predictions.   Staring with a significant upward revision by the Bureau of Economic Analysis for the third quarter GDP growth from 1.9% to 2.1%:

The revision to GDP reflected upward revisions to inventory investment, business investment, and consumer spending.

The increase in consumer spending reflected increases in both goods (notably recreational goods and vehicles as well as food and beverages) and in services (led by housing and utilities as well as food services). (link)

Additionally, the commerce department released data showing U.S. core capital goods orders increased 1.2% in November, the largest gain since January; and more data on home sales shows a whopping 31.6% increase year-over-year. 

U.S. consumers and home buyers are benefiting from low inflation and significant blue collar wage gains that are an outcome of a growing economy and a very strong jobs market.  The most significant wage growth is in non-supervisory positions.   The economic strength is broad-based and the U.S. middle-class is confident.

 

This entry was posted in Big Government, Donald Trump, Economy, Election 2020, media bias, President Trump, Trade Deal, Uncategorized, USA, USMCA. Bookmark the permalink.

103 Responses to 3rd Quarter U.S. GDP Growth Revised Upward, Durable Goods Orders Increase, New Home Sales Increase 31.6% Year-over-Year…

  1. The Obama economy is finally taking effect

    Liked by 5 people

  2. vikingmom says:

    Numbers revised UPWARD again – beating estimates and further solidifying that President Trump’s policies are working for Main Street USA! As opposed to numbers always being quietly revised DOWNWARD during the previous administration, which was all about destroying Main Street in order to benefit Wall Street, and the Globalists who ran the show from behind their curtain, and are, even now, desperately trying to stop the President from revealing their whole operation!

    Liked by 14 people

  3. billybob says:

    Amazing what you can achieve when you have a magic wand .

    Liked by 12 people

  4. The Chinese are having a cow from these results. First it was “recession is coming!!”. Then it was “Americans will pay for the tariffs!!!”. And the economy still grows. The home ownership #s are really indicative of what people are feeling. No one (with any brains) buys a house unless they think they’re going to be able to make the payments so they can keep it.

    This not only insures that PDJT is in the driver’s seat for all negotiations regarding trade, but also kicks everyone else into the back seat. Awesome! Thank you President Trump!

    Liked by 16 people

  5. TradeBait says:

    Best recession ever! Who doesn’t feel the improvement everywhere you go. Never seen so many help wanted signs in non-tourist season. Hit the interstates and you will see as many tractor trailer rigs as cars in many areas.

    When the MSM and left keep saying garbage that isn’t true, the independents move more and more to PDT and MAGA. Hope they keep it up.

    Liked by 4 people

    • jeans2nd says:

      There would be more rigs, but truck drivers are in too-high demand. Talk about setting your own price. The big rig drivers can demand just about anything right now.
      The next high demand job? Coders for self-driving rigs.

      Like

  6. hokkoda says:

    “But, but, but, the yield curve!”

    Trump’s gonna wind up winning 33-34 states next year. I wonder when Democrat donors decide it’s just not worth it to pay one of those weirdos $900,000,000 to lose. I’ll run and lose, and only charge them $450,000,000!

    Liked by 2 people

  7. TarsTarkas says:

    And on a related humorous note, here’s a quote from The Man Who Thinks He’s Not Just Richer and SOO Much Smarter than Trump but will Save America From Orange Man Bad:

    MICHAEL BLOOMBERG: “Higher taxes should have a higher impact on their behavior and how they deal with themselves…”

    Bloomberg says when leftists raise taxes on the poor, it’s good because then the poor will live longer because they can’t afford as many things that “kill them.”

    Like

  8. L4grasshopper says:

    Think about how mad Pelosi is right now as she is being maneuvered into allowing USMCA a vote, the passage of which will goose the economy even more….AND help our fight with China 🙂

    Note how all that recession BS has disappeared?

    Liked by 5 people

  9. redline says:

    On seeing those kind of numbers month after month, year after year, other countries know that walking away from our economy is the absolute worst mistake any country can make.

    Deal, or die.

    Liked by 3 people

    • Robert Smith says:

      If you want to grow a business you can’t go to Europe. They protect their markets and they aren’t growing anyway.

      Are you going to go to China? They will steal your intellectual property for products, businesses, everything. Plus, they will outright take your stuff when the time comes. One slip up and your business is DEAD.

      Like

      • What riles me is how the EU is trying to prevent the UK from being able to prosper after Brexit. They are trying to force them to abide by EU trade policies. I hope Boris is attentive to UK interests but I am not sanguine.

        Like

  10. railer says:

    And remember, the first flush 3rd quarter GDP analysis included a GM strike and the Boeing kerfuffle, which analysts said likely cut expected GDP by 0.6%.

    2.1% + 0.6% = 2.7% GDP growth in the 3rd quarter.

    Not quite the 3% we’d like to maintain, but a far cry from recession, and other indicators are positive so…

    Give us a strong 4th quarter and 1st quarter next, and the 2020 election will be a formality.

    Liked by 1 person

  11. rayvandune says:

    Nancy Pelosi: “Drat, our plan would have worked, except for those damned Americans!”

    Liked by 6 people

  12. TheLastDemocrat says:

    “Surprisingly,…”

    Liked by 1 person

  13. mikeyboo says:

    I read the above article.
    Good thing :Leftists don’t typically read TCT, Sundance. You would be accused of “harshing their mellow” and on Thanksgiving too. Shame Shame.

    Liked by 1 person

  14. StanH says:

    Democrat strategy meeting: “Impeach him now, this keeps up they won’t need us!”

    This is what matters folks. Awesome!

    Like

  15. Robert Smith says:

    When all this is over, the trade and economics team should receive an award from the country of the highest level. Maybe make a new award for them. How many lives have they help improve and families saved?

    If you have every been unemployed for even a short while you know how confidence and soul-destroying it can be. People are doing positive work and it elevates the mood everywhere.

    Liked by 3 people

  16. A2 says:

    Steady as she grows ⤴️

    Even Goldman Sachs has issued a note saying the economy is strong and will continue perform well well past 2020. Just a few months ago they were beating the doom, gloom and recession drum.

    Liked by 3 people

  17. dufrst says:

    There will be no recession in 2020! MAGA!!

    Liked by 1 person

  18. Vince says:

    Nancy has been on tour around the world claiming that President Trump will be gone soon and everything will be back to normal. When the world realizes that that isn’t happening, and our ecenomy is still strong, there will be a stampede of countries willing to make deals. Mexico and South Korea chose wisely.

    Liked by 3 people

  19. fangdog says:

    As an economic and stock market watcher It is truly amazing what Trump is accomplishing despite bucking a head-wind with all the road-blocks and gauntlets being thrown at him. I think even Trump is surprised with how well we are doing economically.

    I do wonder how great it will be during Trumps 2nd-term with a Republican House and Republican Senate now a tail-wind at his back? As Trump says, “We are just beginning”.

    Liked by 3 people

  20. mikeyboo says:

    Comments had been going to the bin now showing up but still can’t “Like”. Very frustrating.

    Like

  21. GB Bari says:

    It’s amazing how President Trump and his economic team have consistently predicted these great numbers while the MSM and their “experts” have continually poo-pooed and doubted them.

    What’s amazing is that millions of people continue to watch, listen and believe the MSM morons, in the face of hard evidence proving the Administration is correct.

    Liked by 1 person

  22. mikeyboo says:

    OK my comments are disappearing again. Are they still going to the bin? And I still can’t like.

    Like

  23. namberak says:

    You don’t have to tell me new home construction is up going gangbusters. I know that anecdotal evidence is not evidence but who am I gonna believe? The media or my eyes? 😉 In June of ’18 my wife and I moved into a newly built house in a community designed to have 400 houses at completion. At YE ’17 there had been 102. At YE ’18, 196. From what I’ve observed, I’m hard pressed to believe they didn’t put up just as many — or more– this year. A different builder in a much larger development perhaps a mile away has gone so far as to build another model, which also indicates increased demand. One of our kids built a new house not far away and was the second family in the development. That development is one house from completion now. As I say, you don’t have to tell me about home construction increases.

    Liked by 4 people

  24. Harvey Lipschitz says:

    In my first econ class, we considered the Equities markets preceded the economy by six months.
    Under Obama Econ 101.1 his proclamations precede the economy by 8 years or whenever he leaves office. Whichever comes first.

    Liked by 2 people

  25. scrap1ron says:

    That’s some magic wand, eh Barry?

    Like

  26. mikeyboo says:

    President Trump is a true and brave hero. And God bless his family for standing by him and taking their own share of sniper fire. And lastly, God bless all of us who have refused to be deterred, diminished and put down in the face of scorn from our “betters”.

    Liked by 4 people

  27. Yy4u says:

    Anybody else notice that since Trump took office the numbers come in low, then when nobody is paying attention, are revised in Trump’s favor. When the ONE was president, the opposite happened. Numbers came in in Obama’s favor then when attention was gone were quietly revised downward.

    Liked by 2 people

  28. Screaming Eagle says:

    The dirty bastards hate our country. Everything they do is a play act. As Sundance continually reminds. Everything is scripted to gain maximum acceptance from their base, or to inflict maximum damage (real and political) to their opposition. Everything is a lie and a con.

    Can you ever imagine going in front of your board of directors and proclaiming:
    1) “We are firmly convinced that our stimulus package either saved or created 600K jobs”.
    2) “Just approve the funding, then you get to see what its for”
    3) “We’ve concluded that zero growth will be the new norm”
    4) “We didn’t build this great company”
    5) “Its time to lead from behind”
    6) ” National parks closed due to sequester, but we will let illegal aliens protest while vets in wheel chairs will be kept out”.
    7) “Voter ID is intimidation and oppressive to minorities”
    8) “We also want to applaud the decision to let newborns expire immediately after birth”

    I could go on and on, the point is you’d be fired in a nano-second. Its so plain to see these traitors and saboteur’s are wholly against anything that is good for America. Time to run them off our sweet land of liberty, of thee I see.

    Like

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