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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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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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https://twitter.com/NerdyWonka/status/516371699353145344
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The Obama Diary 
FURST!
Cheat!!!!!!!!1!!!!!!!
Nerdy? Thank yoooooooooou Legend!!!!
You’re welcome, Chips.
Congrats, BD gurl, on FURST, LOL.
Here’s a BD present for you and all folks west of the Rocky Mountains (we’re all in this together — the need for cool, clear, water… ):
Dancing in the streets, for your BD, JoJo!
Thank you Arapaho415. Wow, SNOW in the Sierra’s what a lovely BD present.
JoJo – hope your birthday was wonderful all day long after this auspicious start!
Thank you it was wonderful and glad I could spend it with my TOD family.
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.
No way JoJo? It’s your birthday? Love and hugs and kisses and smooches – have the most PERFECT day!!
Hi Chips! Thank you! Being first on TOD is the best burstday present ever…….
🙂 A gazillion happy birthday wishes, JoJo!!
Jojo, adding a wish for extra happiness along with your TOD burstday present! 🙂 🙂 May you enjoy many, many more special days!
Happy Birthday, Jojo!
TY vc & sj
Wishing you a wonderful day, Jojo!
I echo that JoJo
/runs
Just going to leave this here.
Anyone who’s watched Friends, gets it.
Careful JoJo, Wayne might lash out with a clumsy, unnecessary tackle to get your cake even though there’s plenty to be had.
🙂 🙂
JoJo!! Let there be Cake, Ice cream and Cushions for your party!! Happy Birthday!!
Do NOT mention cushions, Mighty P!!!!!!!!
😉 I do have a lovely one covered with orange silk, that nice deep, burnt orange, which is a base theme in my home decor!! It’s one of my Faves!! 😉 ❤ ❤ ❤
Happy Birthday, JoJo. I hope you’re having a fabulous birthday.
TY jackie
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.
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.
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.
all kinds of Awesome news….thanks NW….as the pundits try to bring us down…WeThePeople are staying course
You’re welcome, PF.
😆 😆
I. Am. Dyyyyyyyyyyyyyyyyyyyyyyyyyyyying. 😆
I can’t fucking believe that was the album cover. The whole album is a heapful of “meh”.
I. Love. Bears. http://explore.org/live-cams/player/brown-bear-salmon-cam-brooks-falls
Sorry. http://www.explore.org/live-cams/player/brown-bear-salmon-cam-brooks-falls
LIVE: First LadyMichelle Obama campaign event – http://www.cbsnews.com/liveFeed/widget.shtml and
http://www.wisn.com/politics/live-politics-stream-2/15169936
Thank you JER. Thank you.
🙂
Any reason why FLOTUS won’t be speaking for another hour? What time were she to speak?
He’s there, leading the US Delegation ….
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.
AMEN DONNA……thank for all you do…
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.
🙂 🙂 🙂
!!!!!!
They made this decision because they believe the senate will be controlled by GOP domestic terrorists.
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????…
“White House fence jumper made it far deeper into building than previously known”
http://www.washingtonpost.com/politics/white-house-fence-jumper-made-it-far-deeper-into-building-than-previously-known/2014/09/29/02efd53e-47ea-11e4-a046-120a8a855cca_story.html?hpid=z1
I am seething right now.
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.
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!!
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.
Well hopefully we’ll find out what she knows at the 10:00am hearing tomorrow on CSPAN. She better have answers.
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
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.
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…
“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!
Ditto the suggestions about a future culprit wearing a suicide vest.
“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.
Just stepped back in, Hf – I’ve got to think about your theory/theories here.
Jeesh! Late for dinner or something?
And he was like hello am I late?
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!!!!
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.
Infilitration
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.
The intruder actually made it to the entrance to the Green Room. Unfreakinbelievable.
And you know of course this is going to end up being PBO’s fault. UGH.
EVEN THESE MAPS SHOULD NOT BE RELEASED TO THE PUBLIC…WHAT THE HELL IS WRONG WITH EVERYBODY?…TMI..!!!!!!!
What the hell is wrong with the Secret Service? OMG!!!!!!!!!!!
I don’t want to think about it, but I can’t help it. Dam this make me mad.
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.
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.
Ya think??
RT
Where is FLOTUS?
Speaking right now in Wisconsin!
I heard her and it was worth the wait !!!!!!!
Chairman eff’ing Darrell Issa (Ratbag-CA) I’m sure he is so so concerned…
just watch issa blame pbo for putting the white house (the building) at risk.
oh great…Bush’s SS Director 2003-2006 who than went on to head the Border Control when they did the gun running.
You mean some congresscritters are actually working in D.C.?
I wonder why Mark Sullivan, the SS Director from 2006 to 2013, isn’t on the witness list. There were a few issues/scandals under his watch, including the 2011 shooting that was just brought to light.
Darrell Issa investigating the SS problem is like giving him an opportunity to let potential assassins have vital information they may need to succeed. It is scary to me to have the GOP be the main people in charge of such a serious investigation when it is evident that all they want is this President gone.
SHAME
This is why you see conservatives suing everything under the sun.
Bc 99x out of 100 the Roberts court chooses the conservative side.
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.
Oh, just the idea that if the intruder had been black he would’ve probably been shot dead.
I have my doubts given all that’s being revealed about SS’s ineptitude, lassitude and aptitude (with dogs/gun).
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.
‘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.
FLOTUS – http://fox11online.com/live-stream/
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!
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.
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. 😦
not a day passes ….
When the SCOTUS, the 5-4, is the Willfully decimating the Rights of Citizens to Vote.
These people accommodate in every way……Gun Rights.
But a nation with 318.9M are still using antiquated methods for Voting. ATM cards with SS number for every 18 yrs old should be the Norm.
Just as POTUS has been saying for months now.
The Dollar has recovered and Investors want to Invest in USA.
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. 😦
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!
These people were Never This Rich ever. These Billions Grew over the last 3 plus yrs.
How about the poorest people in America? I’m sure you would see my name there.
New post:
http://theobamadiary.com/2014/09/29/mcallen-texas-saved-20m-on-healthcare-thanks-obamacare/
I just ❤ this picture. Wow.