Members Choice Atlanta Fed projects nearly 6% GDP growth in third quarter

[Social Media]

 

Eight months after 2023 kicked off with widespread recession calls across Wall Street, the Atlanta Fed is projecting the economy will grow nearly 6% in the third quarter.

On Tuesday, the Atlanta Fed's GDPNow estimate moved up to 5.8% from 5.0% a day prior after fresh data from the Census Bureau's showed housing starts increased 3.9%. in June. If the 5.8% GDP growth number held, it'd mark the most robust period of economic growth since the fourth quarter of 2021.

The higher projection from the Atlanta Fed is the latest piece of data pointing to a stronger than expected US economy. On Tuesday, July's retail sales report revealed sales increased 0.7% in the month with the control group, which contributes directly to Gross Domestic Product (GDP), rising 1.0%. Economists surveyed by Bloomberg had expected just a 0.5% increase for the control group.

The upbeat print on the consumer came after recent jobs data showed the economy is still adding jobs while unemployment remains historically low and monthly wage growth has begun to outpace inflation, providing a potential boost for further consumer spending.

2023 has been marked by upward revisions to economic growth. An initial reading for first quarter GDP of 1.1% was boosted to 2.0%. The first reading of second quarter GDP came in hotter than expected, too. A 2.4% reading in late July, revealed the economy grew at a faster pace in the second quarter.

 

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And unlike the 2021 big numbers, this is not a rebound effect.

[Berkshire]

This is good news for the US economy.  Which means it's bad news for the GOP.  How can they bash President Biden for his handling of the economy when things are going so well?  They'll find a way. 

[Tug]

Bidenonomics seems to be working and of course the republicans will scream and complain as their front runner has racked up 91 felony counts !what a world ehh guys and gals holey cow!GO ! Biden team!say what you will but he is one magnificent old duffer in my book!I hope they can get fuel prices down that would go a long way in convincing the folks that don’t follow things so closely 

[heybruce]

Damned liberal economy is trying to deny Trump another term as President.

[Longwood50]

1 hour ago, Social Media said:

Eight months after 2023 kicked off with widespread recession calls across Wall Street, the Atlanta Fed is projecting the economy will grow nearly 6% in the third quarter.

This reminds me of the following quote from Winston Churchill. 

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3 minutes ago, Longwood50 said:

This reminds me of the following quote from Winston Churchill. 

This only goes to show that you don't understand the difference between the Fed and politicians. If the Fed were truly a political outfit in service to the current administration, then it wouldn't have raised interest rates to the current level with the possibility of it raising them higher.

[Chomper Higgot]

Biden-economics creating jobs for Americans across all America, not simply stuffing the pockets of the hyper wealthy.