29
Sep
14

More Positive Economic News? Thanks, President Obama

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NYT: Business Spending, Exports Spur Big Bounce In U.S. Economy

The U.S. economy grew at its fastest pace in 2-1/2 years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year. The Commerce Department on Friday raised its estimate of growth in gross domestic product to a 4.6 percent annual rate from the 4.2 percent pace reported last month. The United States is bucking a spate of weaker overseas growth with the euro zone and Japan slumping, and growth in China slowing as well. the expansion in consumer spending, combined with strong business investment,

was nevertheless enough to push domestic demand ahead at its fastest pace since 2010. That suggests the economy’s recovery is becoming more durable after output slumped at a 2.1 percent rate in the first quarter because of an unusually cold winter. So far, data covering manufacturing, trade and housing suggest that much of the second quarter’s momentum spilled over into the third quarter. Growth estimates for the July-September quarter range as high as a 3.5 percent pace. When measured from the income side, the economy grew at a 5.2 percent pace during the second quarter…export growth was raised to an 11.1 percent pace, the fastest since the fourth quarter of 2010, from a 10.1 percent rate.

More here

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Fig5

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Jason Furman: Third Estimate of GDP For The Second Quarter Of 2014

1. Real gross domestic product (GDP) increased 4.6 percent at an annual rate in the second quarter of 2014, the fastest pace since the fourth quarter of 2011, according to the third estimate from the Bureau of Economic Analysis. The strong second-quarter growth represents a rebound from a first-quarter decline in GDP that largely reflected transitory factors like unusually severe winter weather and a sharp slowdown in inventory investment. Growth in consumer spending and business investment picked up in the second quarter, and residential investment increased following two straight quarters of decline. Additionally, State and local government spending grew at the fastest quarterly rate in five years. However, net exports subtracted from overall GDP growth, as imports grew slightly faster than exports.

Real gross domestic income (GDI), an alternative measure of the overall size of the economy, was up 5.2 percent at an annual rate in the second quarter. 3. Over the past four quarters, real GDP has risen 2.6 percent, faster than the 2.0 percent annualized pace observed over the preceding eight-quarter period. Looking at four- and eight-quarter changes to smooth some of the quarter-to-quarter volatility, it is clear that many components of GDP are showing improvement. The growth rates of consumer spending, business investment and exports have all picked up, and the pace of declines in the Federal sector have moderated a bit. In addition, the State and local government sector has turned positive, after several years of steady cutbacks. One area that has slowed over the last four quarters is residential investment, although it did rebound in the second quarter.

More here

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128 Responses to “More Positive Economic News? Thanks, President Obama”


  1. 1 0388jojothecat
    September 29, 2014 at 3:03 pm

    FURST!

  2. 8 0388jojothecat
    September 29, 2014 at 3:05 pm

    I have been sitting by waiting to be furst for my Birthday. Thank you NW, Chipsticks and all my TOD family. Now I am going out to get some ice cream….tomorrow I begin eating right and exercising.

  3. 25 JER
    September 29, 2014 at 3:10 pm

  4. 26 Ladyhawke
    September 29, 2014 at 3:11 pm

  5. September 29, 2014 at 3:11 pm

    Steve Kroft: You think you can convince people that they’re doing fine, economically?

    President Obama: Hopefully, they get a chance to hear the argument, because all I’m doing is presenting the facts.

  6. 28 JER
    September 29, 2014 at 3:14 pm

  7. 29 Allison
    September 29, 2014 at 3:15 pm

    The Democrats in Congress should repeatedly talk up the economy. Especially when interviewed on TV. This is a record that we are proud of. Especially since it’s been accomplished w/out any assistance from the GOP.

    • September 29, 2014 at 3:51 pm

      Yes they should Allison. If they would stand behind our President and his record, we would not be receiving the endless solicitations for money. They sit back, hide in a corner, and expect us to do their work for them.

  8. September 29, 2014 at 3:19 pm

    all kinds of Awesome news….thanks NW….as the pundits try to bring us down…WeThePeople are staying course

  9. September 29, 2014 at 3:21 pm

    😆 😆

  10. 36 JER
    September 29, 2014 at 3:33 pm

  11. 39 JER
    September 29, 2014 at 3:37 pm

  12. 40 JER
    September 29, 2014 at 3:39 pm

  13. 44 JER
    September 29, 2014 at 4:20 pm

  14. September 29, 2014 at 4:23 pm

    He’s there, leading the US Delegation ….

  15. 47 donna dem 4 obama
    September 29, 2014 at 4:28 pm

    I was going through some of the pictures on my computer and I ran across the one I have that says, Don’t Boo Vote” which was decreed by President Obama and I was reminded how profound that comment is for me.

    So often I stand on the sidelines with a perfect view of the craziness exhibited by the Republicans and just can’t understand how anyone can be for that Party. At times I think if I yell loud enough, tweet and retweet enough, Facebook and share enough that my country will wake up and stop voting against their own self-interest. Some will get the message and hopefully it will make a difference.

    When fear starts to get the better of me, I’ll find an office to go volunteer so that I am around positive, like-minded people who are hopeful that people will do the responsible thing. Some will get the message and hopefully it will make a difference.

    I try and educate myself by sharing information like Nerdy Wonka’s incredibly informative Obamacare threads and good economic threads such as this. Some will get the message and hopefully it will make a difference.

    My ultimate responsibility is to vote but as FLOTUS and PBO have said on so many occasions that it doesn’t stop with just me I have to reach back and help someone else to succeed. So we each have to follow their lead and Each-One-Teach-One to get our voters to the polls on November 4th.

    TOD’ers do what you do best to inspire your friends, co-workers, neighbors and family and as much as I would love to just Boo the best revenge for the obstruction, disrespect, callousness and racism towards President Obama (and his family) by those on the Right would be our Votes.

  16. 50 arapaho415
    September 29, 2014 at 4:29 pm

    The good news for Cali keeps rolling in…

    First Sierra Nevada snow, and EARLY in our rainy season. 🙂

    Now this economic news in the thirstiest corner of the state:

    Difference between night and day, current economy versus what we were facing six years ago, when we voted for @BarackObama.
    🙂 🙂 🙂

  17. 51 donna dem 4 obama
    September 29, 2014 at 4:33 pm

    !!!!!!

    • 52 idon
      September 29, 2014 at 7:18 pm

      They made this decision because they believe the senate will be controlled by GOP domestic terrorists.

    • September 29, 2014 at 7:57 pm

      From the article:
      the Voting Rights Act provides that “[n]o voting qualification or prerequisite to voting or standard, practice, or procedure shall be imposed or applied by any State or political subdivision in a manner which results in a denial or abridgement of the right of any citizen of the United States to vote on account of race or color.
      ***********************************************************************
      When we can not get JUSTICE through the Courts….When SCOTUS sides with a law that is clearly Unconstitutional….what do WeThePeople do????…

    • September 29, 2014 at 4:40 pm

      I am seething right now.

      • September 29, 2014 at 4:49 pm

        Anger and anguish are what I’m feeling.

        There seems to be a lot of understatement and exclusion of facts on the part of the SS.

        • September 29, 2014 at 4:53 pm

          I’m enraged that this happened and I’m furious that the facts have been both trickling out and misconstrued. I fear there is a cover-up going on. This needs an outside review by people of the highest standards. And action needs to be taken PRONTO. GAH, I’m just stunned and ANGRY!!

          • September 29, 2014 at 5:24 pm

            I find it hard that an alarm was disabled or silenced at the request of an usher. Security should have been the priority for the SS; not comfort or convenience.

            Whether it’s a problem with some individuals or a lax environment that has evolved in this agency, there definitely needs to be an overhaul. And I suspect that things are being kept from Pierson that will help her to make the changes she needs to make.

            • 59 Melanie
              September 29, 2014 at 5:43 pm

              Well hopefully we’ll find out what she knows at the 10:00am hearing tomorrow on CSPAN. She better have answers.

            • 60 idon
              September 29, 2014 at 8:13 pm

              Secret service does not take direction from WH staff. Someone told someone to stand down and we will never know if we have a GOP domestic controlled senate

    • 61 vcprezofan2
      September 29, 2014 at 5:28 pm

      As more and more info trickle out, I realize that my confidence in the SS’s ability to safely protect the O-family has been severely shaken. ON TOP OF THAT, *I* am totally against all the security stategies/steps that are being revealed under the guise of reporting. ***I really truly am!*** I don’t believe that such detailed info about alarm boxes and closing doors and where ‘the stairway leading a half-flight…’ is, etc. etc need be a part of getting out the info that the SS messed up big time! To me this is too much information and it jeopardizes FURTHER the safety of the Os and those who work in the WH.

      • September 29, 2014 at 5:54 pm

        Indeed vc, I’m very suspicious of the whole thing – including all these reports suddenly coming out – and why NOW?!?!? Daryl Issa and his enthusiasm….All these details – almost like a “how to” manual…

        Too many elements about this reek to high heaven…something’s amiss, and I’m not just talking about the WH fence jumper or the SS…I’m talking about the manner in which this is being reported…

        • 63 vcprezofan2
          September 29, 2014 at 6:09 pm

          “All these details – almost like a “how to” manual…

          I’m talking about the manner in which this is being reported…”

          ***EXACTLY my point!!*** Forget the suspicion – imo THERE IS CLEARLY TOO MUCH PRECISE INFO BEING GIVEN!!!! For the love of Petra, all that’s left for them to do is disclose how many steps it takes from the front door to the half stairs, yada, yada. That is so…. darned… irresponsible from a security standpoint going forward. They have repeatedly said though there are dogs, SS hesitates to release them as the dogs can’t tell who is who. There are snipers, but they seem only to *watch* the intruders. There were agents inside, but they are slow (witted). Hopef, you have no idea how much I’ve been biting my tongue as words I never thought were in my mind are springing to the forefront!!! I honestly think I’d have felt better about some of these reports if the intruder had at least been wounded in the leg or something. What the heck is the purpose of having sharpshooters positioned all over the place if they cannot shoot to minimize a threat? What’s the sense of having SS agents who clearly cannot run? There is NO ONE AREA in which SS ‘looked good’ in this, and the 2011, scenarios!! For god’s sakes, it’s almost like these intruders have been doing trial runs, AND now the media under the guise of informing us are helping to fine-tune the “”next”” intrusion!

          • September 29, 2014 at 7:08 pm

            Ditto the suggestions about a future culprit wearing a suicide vest.

          • September 29, 2014 at 7:20 pm

            “it’s almost like these intruders have been doing trial runs, AND now the media under the guise of informing us are helping to fine-tune the “”next”” intrusion!”

            Vc- I think you hit the nail on the head…

            Not only that, but they are using these drip…drip…drip media reports to distract, confuse and frighten people (especially PBO supporters),
            not really to inform the public of the SS’s negligence on the job. I couldn’t help but notice that just as PBO was about to speak at the CBC, they released the a dump of news about a bullet hitting the WH in 2011….

            My suspicion is that this recent WH fence jumper was working in tandem with or with someone who knows the SS. And he was ALLOWED to do the trial run (since he’s known to have “mental illness” and that could be easily used as an explanation). If you notice, the MSM’s reaction is not one of fear, genuine concern or outrage for the President’s safety being compromised. I’m picking up on a distinctly mischievous/spiteful vibe, focus on the Obama’s “anger,” or focus on “what PBO is/isn’t doing for Vets’ mental health.” or “who should be fired” etc…

            This was not a “failure” of the SS or security systems..it was a SUCCESS of the trial run, orchestrated by PBO-haters in the SS, the GOP, the media, etc.

  18. September 29, 2014 at 4:43 pm

    Jeesh! Late for dinner or something?

  19. 69 carolyn
    September 29, 2014 at 4:48 pm

    This article is frightening! WHAT IS THE MATTER WITH THE SECRET SERVICE???
    I am wondering, frankly, about the decision to put them under Homeland Security, away from the Treasury. Homeland Security has TOO MANY agencies under its aegis, and I’m thinking the SS is not held to its standards, lack of oversight, perhaps.
    They’d better get this situation fixed, and FAST!!!!

    • 70 carolyn
      September 29, 2014 at 4:59 pm

      To put action to my fury, I went to the Secret Service website to see how I could contact them. The best way was to get the phone number for my state’s field offices. There are two offices. I called the one here in OKC. The phone was answered immediately.
      I told the woman how upset and angry I am at the lapses in the SS’s protection of the president, that these incursions into the White House are unacceptable, and that as a citizen I am lodging a formal complaint. Changes MUST be made. She agreed this was unacceptable. I did say, I didn’t know if there was a traitor in the service or what, but this is truly appalling.
      They need to hear from citizens all over the country. Contact your state field office. Remember numbers speak.

    • 71 idon
      September 29, 2014 at 7:16 pm

      Infilitration

  20. 72 JER
    September 29, 2014 at 4:54 pm

  21. 73 dotster3
    September 29, 2014 at 5:03 pm

    Just unbelievable that now a report states that the fence jumper was running around the whole 1st floor of the WH after overpowering a guard at the door, with the first family’s residence a half a flight up. Inexcusable and hard to believe that this could happen. Not stopped till someone tackled him in the East Room. Horrors.

  22. September 29, 2014 at 5:05 pm

  23. 78 anniebella
    September 29, 2014 at 5:07 pm

    What the hell is wrong with the Secret Service? OMG!!!!!!!!!!!

  24. 80 dotster3
    September 29, 2014 at 5:10 pm

    Man fired a handgun outside this embassy, thankfully no one injured. But geez….. more gun violence—–it’s an epidemic. If every nut is allowed a gun, not shocking that some are going to use them.

  25. 82 carolyn
    September 29, 2014 at 5:13 pm

    Please call your state field office of the Secret Service. It’s easy, just google Secret Service, get the gov page, and find your state field office. I did, and I’m glad. They need to know how upset we citizens are. I told her I was a citizen lodging a formal complaint.

    The more numbers of complaints they get, the more they know we notice and CARE.

  26. September 29, 2014 at 5:14 pm

    Ya think??

    RT

  27. 84 anniebella
    September 29, 2014 at 5:23 pm

    Where is FLOTUS?

  28. September 29, 2014 at 5:23 pm

  29. September 29, 2014 at 5:33 pm

    SHAME

  30. September 29, 2014 at 5:37 pm

  31. September 29, 2014 at 5:45 pm

  32. 101 donna dem 4 obama
    September 29, 2014 at 5:47 pm

  33. September 29, 2014 at 5:48 pm

  34. September 29, 2014 at 5:52 pm

    • 104 vcprezofan2
      September 29, 2014 at 6:24 pm

      I don’t get this comparison though, Lib_L. IMO Secret Service shouldn’t be in the same league as a local PD; to me it’s almost like comparing oranges and bananas. Of course they definitely shouldn’t be as inept as the picture being revealed day after day, but the two scenarios are miles apart.

      • September 29, 2014 at 6:32 pm

        Oh, just the idea that if the intruder had been black he would’ve probably been shot dead.

        • 106 vcprezofan2
          September 29, 2014 at 6:41 pm

          I have my doubts given all that’s being revealed about SS’s ineptitude, lassitude and aptitude (with dogs/gun).

          • September 29, 2014 at 8:25 pm

            VC…
            I am beginning to believe this ineptness of the SS is not new…it is only being revealed because of who occupies the WH now…like that major breach that happened when the SS was in Latin America last year or the year before…this sounds like a Systemic problem…I do not know if it is good to air these breaches in security in the open…there are a lot of folks gunning…(nationally as well as internationally)…and I meant that…gunning for our President…perhaps the hearing should be behind closed doors….makes me feel so uncomfortable.

            • 108 vcprezofan2
              September 29, 2014 at 8:40 pm

              ‘I do not know if it is good to air these breaches in security in the open’

              Pf58, given the way it’s being done, I say it is NOT GOOD for these breaches to be aired. At the same time, a part of me feels that the details being released are symptomatic of a media that lacks judgement, and not simply in this area. I would argue that very few among today’s MSM personnel understand how to treat confidential or potentially dangerous information in a professional, reasoned manner. They talk about the media’s and the public’s right to know, but have no sense that this could be effected while still showing a certain respect for people’s lives/livelihood, etc. They are imo insensitive, egotistical and dumb.

  35. 110 SUE DUVALL SMITH
    September 29, 2014 at 5:58 pm

    WHAT IN THE HELL IS GOING ON AT THAT WHITEHOUSE….??????…THERE IS NO EXCUSE FOR IT AND THERE HAS TO BE MOLES IN THE SECURITY SYSTEM…WHAT’S HER NAME TO BE FIRED AND SOMEONE WHO IS QUALIFIED NEEDS TO SCRUB THE SS DEPT. WITH A WIRE BRUSH THAT SMARTS! THIS IS A WAKE UP CALL AND SOMEONE NEEDS TO LISTEN! JUST PLAIN STUPID!

  36. 111 dotster3
    September 29, 2014 at 5:59 pm

    So we’re supposed to believe that all these critical races are now tilting Repub all of a sudden? I don’t believe it. Don’t they always say ‘all politics is local’ and now we’re supposed to believe that the public will vote for Repubs because of foreign policy/unrest? I’m having trouble with all these current opinions everywhere. Somehow Repub propaganda gets accepted as fact, like everyone repeating that Ia. Dem. senate candidate Braley has run a bad campaign. No he hasn’t. Because he crabbed to a neighbor about her uncaged chickens running around and pooping on his property? Who wouldn’t crab about that? Because he said Grassley probably wasn’t qualified to be judicial chair since he has no legal background? Well, duh! And somehow these 2 issues have morphed into everyone repeating that Braley has run a bad campaign. I hope Iowans, who came thru for PBO twice, are still those same smart voters. And I hope that the majority of voters still have a clue, that the sensible people prevail once again. And I hope our voters realize how critical beyond belief this election is and show up to vote——I cannot imagine our government any more crazy than it already is—–it would be an utter disaster, a real horror—–for President Obama and for the country—- if Repubs control both the house and the senate.

  37. September 29, 2014 at 6:01 pm

  38. 113 Nena20409
    September 29, 2014 at 6:01 pm

    GA/GE TODers.

    Happy Birthday Jojo and Congratulations on your Au ⭐

    Wonderful Econ Post, NW. Thanks for posting. With all the Great Econ news lately, the Stock Market is trying so hard……OK….Wall Street is trying so hard to end on negative numbers lately. 😦

  39. 117 Nena20409
    September 29, 2014 at 6:03 pm

    Just as POTUS has been saying for months now.

    The Dollar has recovered and Investors want to Invest in USA.

  40. 118 Nena20409
    September 29, 2014 at 6:05 pm

  41. September 29, 2014 at 6:05 pm

  42. 120 Nena20409
    September 29, 2014 at 6:08 pm

    • 121 arapaho415
      September 29, 2014 at 6:40 pm

      FYI, Jovie.

      I find the comments to this tweet and the article extremely offensive.

      Not surprising that this lake is “drying up.” It was fed by two rivers which have since been diverted from the lake by the Soviet Union.

      Unless you’re in a swampy area, it’s hard to maintain a lake if no rivers feed it. 😦

  43. September 29, 2014 at 6:15 pm

  44. 123 Nena20409
    September 29, 2014 at 6:17 pm

  45. 124 carolyn
    September 29, 2014 at 6:21 pm

    In addition to calling the state field office of the Secret Service, I have written my Congressman and Senator. We need to do this…..yes, we can express our disgust here, which we all have, but we must contact those who can DO something.

    I told both that the Secret Service needs to be put back under the aegis of the Treasury Department. the DHS is TOO BIG AND TOO DIVERSE. There is no oversight and accountability. Remember this was another genius decision of the GWB administration.

    Please…..do contact people who can DO something!

  46. 125 Nena20409
    September 29, 2014 at 6:27 pm

    These people were Never This Rich ever. These Billions Grew over the last 3 plus yrs.

  47. 128 Nena20409
    September 29, 2014 at 6:33 pm

    I just ❤ this picture. Wow.


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