Friday, Jan 29, 2010
World's Largest Economy Roars Back Into Life
Sky News: World's Largest Economy Roars Back Into Life
The world's largest economy is back in business after growing 5.7% at the end of last year, smashing all expectations. It was the quickest pace of economic expansion in the United States for six years.
However, even with the pick-up, America's gross domestic product (GDP) shrank by 2.4% overall for the full year 2009, the worst performance since 1946.
The US economy expanded between October and December at a rate of 5.7% - a figure calculated on an annualised basis, which means it is compared to predictions based on past performance.
The figure was up from 2.2% growth in the third quarter - from July through to September.
Posted by ck1 @ 04:23 PM (918 views) Add Comment
7 Comments
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1. rumble said...
I guess i'll just repeat the previous post:
"“The optimism that led into 2010 has dried up very quickly,”
2. mark said...
this is what happened in the last depression then bang 1937 total collapse
3. markj69 str05 said...
5.7% annualised = 1.4% for the quarter.
How can this be:- 'up from 2.2% growth in the third quarter', unless this too was annualised?
2.2% annualised = 0.55% for the quarter.
Whay can they not just discuss actual figures? Could it be the general public would (be tricked intogaining)/ gain more confidence in the economy when they see larger figures? Possibly, but it doesn't bring the cost of living down, and certainly doesn't put more $'s in their pockets.
Unstustainable Ponzi Economics - I fear we have travelled too far down the road of greed, irresponsibility, and selfishness, from the money makers and power controllers. Too far to go back to a reasonable steady growth rate (No more boom or bust territory).
4. hpwatcher said...
Whay can they not just discuss actual figures? Could it be the general public would (be tricked intogaining)/ gain more confidence in the economy when they see larger figures? Possibly, but it doesn't bring the cost of living down, and certainly doesn't put more $'s in their pockets.
Unstustainable Ponzi Economics - I fear we have travelled too far down the road of greed, irresponsibility, and selfishness, from the money makers and power controllers. Too far to go back to a reasonable steady growth rate (No more boom or bust territory).
Expect lots of little accounting tricks, as the decline continues.......
5. Nuskabud said...
Well I'm not sure why this is surprise news....I guess financial services is still the jewel in the crown in the US.....huge bail outs, massive fiscal stimulus, along with 0% interest rates leads you to where we are now.....but the whole process is mythical....
If you want a balanced economy you cannot print money....everything is now out of sync...all asset classes have been reflated after they desperately tried to find their true levels after the banking collapse....this cannot continue.....the developed world has squandered natural wealth and replaced it with huge gearing and printed money.......
It's obvious if you reduce rates to almost nil .....even Mr and Mrs Asbo could service a mortgage on that basis.... hence the fact that the so called property market has recovered from its dips in the UK at least (for now)... truthfully the property market is woefully undernourished as the Government and FSA contrived between them and have put paid to distressed sales and repossessions....but eventually interest rates will return to a much higher level and then the market will really tell us all we need to know about the property market ....
For now .....forget the forecasting .....most of it is hype....what happens to the UK Property market short term is an irrelevance .....the correction was not abated...but interfered with.....interest rates and unemployment will be the only thing that influences the property market from here on in in the UK....
The US economy is much bigger than the UK....the property market in the US is still falling in many parts some 27months into into its correction...both the US and UK carry massive government, corporate and personal debt.....The US stats do not surprise me...it is a much more versatile economy than the UK.... our whole economy over here relied on individuals to treat properties as a cash cow or indeed a cash machine....we consume and we make nothing ....consuming is ok if you can fund this natural high....unfortunately in the UK we can't ....
PLAN B then .....more consumerism of course....
6. str 2007 said...
And yet the S&P500 continues to slip lower.
7. doggett said...
Not quite what it seems, apparently;
http://market-ticker.denninger.net/archives/1915-GDP-Theres-Your-Inventory-Bounce.html
(Could anyone tell me how I turn the above into a live link ?)