Recovery not as strong as previously thought

[carpro]

http://apnews.myway.com/article/20091222/D9COD2OG0.html

Recovery not as strong as previously thought


Dec 22, 9:02 AM (ET)
By JEANNINE AVERSA

WASHINGTON (AP) - The economy grew at a 2.2 percent pace in the third quarter, as the recovery got off to a weaker start than previously thought. However, all signs suggest the economy will end the year on stronger footing.

The Commerce Department's new reading on gross domestic product for the July-to-September quarter was slower than the 2.8 percent growth rate estimated just a month ago. Economists were predicting that figure wouldn't be revised in the government's final estimate on third-quarter GDP.

The main factors behind the downgrade: consumers didn't spend as much, commercial construction was weaker, business investment in equipment and software was a bit softer and companies cut back more on inventories, according to Tuesday's report.

 

[Magnetic Poles]

Only a true pessimist could take that opening paragraph:

The economy grew at a 2.2 percent pace in the third quarter, as the recovery got off to a weaker start than previously thought. However, all signs suggest the economy will end the year on stronger footing.

​

...and get such a gloomy thread title. Not "Economy grew at 2.2 percent" or "signs suggest the economy will end the year stronger"...but "Recovery not as strong as previously thought". :BangHead:

 

[donnA]

no recovery in sight here, people still losing jobs, no jobs to be found, no one hiring, most place laying off, the employment office recently told people don't beleive rumors of a recovery, as they can see themselves unemployment is still rising, rapidly, jobs will be the first sign of recovery, prices still on the rise, a lot of food items are out of reach now for most people.

 

[Magnetic Poles]

no recovery in sight here, people still losing jobs, no jobs to be found, no one hiring, most place laying off, the employment office recently told people don't beleive rumors of a recovery, as they can see themselves unemployment is still rising, rapidly, jobs will be the first sign of recovery, prices still on the rise, a lot of food items are out of reach now for most people.

Actually, jobs are one of the last signs of a recovery. Employers are reticent to hire until they are sure demand is rising and stable. They get by with overtime, then temp workers, and finally start to hire once things are looking up.

 

[FR7 Baptist]

That's not too bad. We'll get through this. I personally am feeling the effects of the downturn because I lost my job when the company I worked for shut down. Because of that, I didn't have enough money to take a full class load this past semester. Fortunately, I had some savings and my family is helping me out. I've been working for a temp agency but work has been sporadic. Hopefully I'll find another job soon.

 

[KenH]

I would not be surprised in the least to see a double dip recession.

 

[carpro]

I would not be surprised in the least to see a double dip recession.

Probably. And here's why...

Faced with the prospects of high unemployment well into the 2012 presidential election year, President Barack Obama wants the government to take further steps to put Americans back to work. The House last week passed some provisions that Obama has pushed to aid job growth. But it didn't include new tax breaks for small businesses that hire.

Instead they're working to pass healthcare legislation that will further burden small businesses.

Obama simply has no understanding of what drives jobs growth and therefore the economy.

 

[billwald]

Does anyone believe that the economy grew 2.2% in one quarter?

 

[saturneptune]

Does anyone believe that the economy grew 2.2% in one quarter?

And what caused it to grow? Was it an improving economy, with employment increasing, and citizens buying more goods? Uh, lets see, No. The growth was from government money that was printed out of thin air. It has no substance. For the millions out of work, over 10% (and we all know it is more like 17%), how much comfort does your 2.2% give those families? Lets think about that. Lets see, None.

Really, I think you should send thank-you notes to your heros Presidents George Bush and Barack Obama for shoving two stimulus packages down our throats, totalling 2 trillion. Wow, that works out to one trillion for one percent.

 

[poncho]

And what caused it to grow? Was it an improving economy, with employment increasing, and citizens buying more goods? Uh, lets see, No. The growth was from government money that was printed out of thin air. It has no substance. For the millions out of work, over 10% (and we all know it is more like 17%), how much comfort does your 2.2% give those families? Lets think about that. Lets see, None.

Really, I think you should send thank-you notes to your heros Presidents George Bush and Barack Obama for shoving two stimulus packages down our throats, totalling 2 trillion. Wow, that works out to one trillion for one percent.

Won't be long and we'll be able to use our fiat Federal Reserve notes to wallpaper our cardboard shacks. That is if we are allowed to live in cardboard shacks.

But look at the bright side SN soon as those are FRNs are defunct we'll get a shiney new "global fiat currency". See, there's a silver lining in every cloud after all.

 

[OldRegular]

I would not be surprised in the least to see a double dip recession.

That is what I am afraid of. The dollar is weak and the market iffy. Inflation will be used to lessen the debt and peoples savings will be worth less, possibly even worthless.

 

[poncho]

Your looking at it the work way OR. This is a good thing. If you're part of the global financial elite. The ongoing transfer of wealth is grrrrrrrrrrreat! What comes out of our pockets goes directly into their's.

Must be wonderful knowing that the whole wealth of the USA is about to line your pockets.

Don't be so gloomy. This is a good day. If you're part of the global financial elite!