TyB
US economic growth accelerates in third quarter
The U.S. economy grew at its fastest pace in nearly two years in the third quarter as higher wages from a tight labor market helped to power consumer spending, again defying dire warnings of a recession that have lingered since 2022.
Gross domestic product increased at a 4.9% annualized rate last quarter, the fastest since the fourth quarter of 2021, the Commerce Department's Bureau of Economic Analysis said in its advance estimate of third-quarter GDP growth. Economists polled by Reuters had forecast GDP rising at a 4.3% rate. Estimates ranged from as low as a 2.5% rate to as high as a 6.0% pace, a wide margin reflecting that some of the input data, including September durable goods orders, goods trade deficit, wholesale and retail inventory numbers were published at the same time as the GDP report.
The economy grew at a 2.1% pace in the April-June quarter and is expanding at a pace well above what Fed officials regard as the non-inflationary growth rate of around 1.8%.
While the robust growth pace notched last quarter is unlikely sustainable, it was testament to the economy's resilience despite aggressive interest rate hikes from the Federal Reserve. Growth could slow in the fourth quarter because of the United Auto Workers strikes and the resumption of student loan repayments by millions of Americans.
Most economists have revised their forecasts and now believe that the Fed can engineer a "soft-landing" for the economy, pointing to strength in worker productivity and moderation in unit labor costs growth in the second quarter, which they expected carried through into the July-September period.
Consumer spending, which accounts for more than two-thirds of U.S. economic activity, was the main driver.
https://www.reuters.com/world/us/us-economic-growth-accelerates-third-quarter-2023-10-26/
(consumer debt delinquencies keep rising cuz everyone out of munee but keep hanging on that fantasy that it will keep driving these fake numbers…eventually they will lose that argument but will use it until peeps wake up about the fallacy of how this is reported)
The tard at Atlanta Fed (Bostic) is at least consistently “optimistic” so they can always point to that-GDPNOW @5.4%
Latest estimate: 5.4 percent – October 25, 2023
The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the third quarter of 2023 is 5.4 percent on October 25, unchanged from October 18 after rounding. After recent releases from the US Census Bureau, the US Department of the Treasury's Bureau of the Fiscal Service, and the National Association of Realtors, the nowcast of third-quarter real government spending growth decreased from 3.1 percent to 3.0 percent after rounding.
This is the last GDPNow forecast for the third quarter. The first GDPNow forecast for the fourth quarter will be on Friday, October 27. Please see the "Release Dates" tab below for a list of upcoming releases.
https://www.atlantafed.org/cqer/research/gdpnow
European Central Bank Ends Record Run of Rate Hikes
https://www.wsj.com/economy/central-banking/ecb-rate-decision-oct-f03b4404
Europe’s LNG Imports Set To Surge By 30% In November
https://www.zerohedge.com/commodities/europes-lng-imports-set-surge-30-november
They are setting this up to lower rates as election season kicks into high gear and since that will create a bifurcation since the Fed sets prime only the NY Fed will be doing QE again
German AF GAF850 G5 departed Delaware Coastal Airport and looks like quick trip to Dulles
C102 US Coast Guard G5 SE from Reagan National
Portuguese AF AFP11 Embraer 390 NE from Dothan,AL
Eastern Med
RG02 Grumman Greyhound giving away a flat top location and just under….
German AF GAF391 A400m WN from Salti AB,Jordan
IAF 252 tanker and those C130s
35mph to 165mph in less than 24 h
Acapulco destroyed
They show the water temp at 90d as the ‘reason’ yet in the Gulf of California it doesn’t get that high but open Eastern Pacific it “is”
Tesla’s biggest charging station in CA has to fire up a gas generator to cope with the lines
Harris Ranch on hiway 5
Good location bad execution
The beach areas are ok….just ok
Go out of those and fuggen Wild West
Sold house on eastern Baja because the drug/human trafficking convoys were non stop and that was 2006. They’d take ferry over from mainland into LaPaz and then trans PAC highway up and then split farther north.
o7