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The world’s largest economy expanded at a 3.5 percent pace from July through September, figures from the Commerce Department showed today in Washington. Household purchases climbed 3.4 percent, the most in two years.
After four straight months of economic decline, gross domestic product actually grew in the third quarter, according to the Commerce Department, leading some to declare that the recession is over.
From July to September, the economy grew at a 3.5 percent rate, better the 3.2 percent analysts had expected.
Much of the growth was fueled by government spending, including the “cash for clunkers” program, which spurred auto sales, the $787 billion stimulus package, which has funded public works projects across the country, and a first-time homebuyer tax credit, which has allowed the housing market to rebound somewhat.
While some were quick to declare the announcement as the first sign that the recession has ended, the White House was not.
Another factor contributing to the fallacy of using GDP as a sacred economic measurement is the fact that it does not take into account capital that is transferred abroad. For instance, the current GDP numbers were inflated by government spending. However, the indicator does not take into account that much of that money was borrowed from foreign nations and will have to be paid back eventually.
Originally posted by GreenBicMan
First time we have violated 50 EMA
Tommorow is either the reversal or our way back down to 200 ema which should make a lot of people happy on the short term at least
Originally posted by Rockpuck
reply to post by marg6043
I for one am expecting the Unemployment rate to decline. Don't get me wrong, job growth will still be negative..
On this 80th anniversary of the "Black Tuesday" stock market collapse, some analysts are experiencing déjà vu, warning a major crash in the stock market is imminent.
Graham Summers, senior market strategist at OmniSans Research, wrote in the firm's daily e-letter yesterday that the markets may finally be on the verge of the crash he has been predicting for more than two months.
"Well, judging from the market's action today, I believe we may be within 48 hours of getting the "Official Sell" signal I've been waiting for," he wrote in "Gain, Pains, and Capital."