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Latest GDP Numbers Aren't Calming Recession Fears


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The U.S. Bureau of Economic Analysis reports that GDP grew 0.6 percent in the third quarter of 2022.

 

Economic growth ticked up ever so slightly last quarter, but not by enough to console those worried about a looming recession.

Inflation-adjusted gross domestic product (GDP) grew 0.6 percent during the third quarter of 2022, for an annualized growth rate of 2.6 percent, according to new numbers released by the U.S. Commerce Department's Bureau of Economic Analysis (BEA).

These numbers come after two quarters of shrinking GDP. The top-line growth rate was clouded by declining consumer spending on goods, falling investment in new single-family housing construction, and a declining savings rate.:snip:

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Core inflation rose to 5.1% in September, according to gauge watched by Fed

Zachary Halaschak, Economics Reporter

October 28, 2022

Core inflation ticked up in September as measured by the gauge favored by the Federal Reserve, fueling more concern as the central bank aggressively tightens monetary policy.

Core inflation, which strips out energy and food prices, rose to a 5.1% annual rate, as tracked by the personal consumption expenditures price index, which is more than forecast and higher than August’s 4.9%.

Headline inflation, meanwhile, stayed steady at 6.2%, according to the data released by the Bureau of Economic Analysis Friday morning.

The reading is bad news for the Biden administration, which has been hamstrung by the country’s historic inflation. Republicans are widely expected to seize control of the House and possibly the Senate in large part because households are paying more to afford necessities, and the GOP has used the higher prices as an indictment of Democratic leadership.

(Snip)

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What is not said is the way inflation is computed changed in the Clinton years (if this is Good or Bad, and  Why, I don't know). i have read that under the Old system inflation is really in  the high double digits.

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