Today oil prices and oil stocks are soaring on the bullish case that the surprise OPEC+ production cut will push gasoline to $4 a gallon and oil to $100 a barrel. Not everyone buys the bullish case–at least not after a few days of what these analysts call a knee-jerk reaction. And they’ve got a point
The U.S. economy grew at a 2.9% annual rate in the December quarter of 2022. That brought growth for 2022 as a whole to 2.1%. Consumer spending was strong enough to offset slowdowns in housing and manufacturing. So good news. But growth in the quarter was still slower than the 3.2% growth rate in the third quarter
Today, October 27, the Bureau of Economic Analysis reported that U.S. GDP grew by an annualized 2.6% rate (adjusted for inflation) in the third quarter. That was better than the 2.4% rate that economists had projected. After two down quarters to begin the year, this gain brings the U.S economy back close to break even for the year. But that was the end of the good news in this report
I’m starting up my videos on JubakAM.com again–this time using YouTube as a platform. My ninety-third YouTube video “What if the Fed is wrong?” went up today.
In the third quarter, GDP, adjusted for inflation, grew at just 0.5%. That’s down from 1.6% growth in the second quarter. The year over year growth rate came to 2.0%. Economists had forecast year over year growth of 2.6%. As recently as July, economists predicted that the recovery would gain steam in the second half of the year
U.S. GDP grew at an annualized rate of 2.3% in the first quarter, the Bureau of Economic Analysis announced this morning. Economists had expected growth of 2.1%. In the fourth quarter of 2017, the U.S. economy had grown at an annualized rate of 2.9%. But the rate of growth for the U.S. economy was overshadowed by other data in this morning’s report showing a significant increase in wages and inflation.
The first read on growth in the U.S. economy during the fourth quarter was a tad disappointing. GDP increased by 2.6% year over year in the fourth quarter. Economists surveyed by Briefing.com were looking for growth of 2.9%. In the third quarter of 2017 GDP grew at a year over year rate of 3.2% after all the revisions were in.
Yesterday the International Monetary Fund lowered its forecast for U.S. economic growth to 2.1% for 2017 (from 2.3%) and to 2.1% in 2018 (from 2.5%.) The fund had included a likely infrastructure spending bill and a tax cut/tax reform package in its earlier forecast. Now the IMF ha removed those potential stimulus actions from its forecast. The IMF also poured cold water on assumptions in the draft administration budget for economic growth of 3% in 2021.
We got serious bad news on the inflation front today, May 14, as the Producer Price Index, which often signals changes in prices at the consumer level, dropped by 0.4% in April. The Federal Reserve clearly still has a lot of work to do on deflation/inflation.
It could have been worse is about the best that I can say for the initial report on first quarter U.S. GDP announced this morning. According to what is called the advance estimate, the U.S. economy grew by just 0.2%
