MarketWatch reports that GDP rises at 3.2% annual pace, strongest in more than two years, which is a nice bit of good news about the economy after so much negativity in the Presidential election.
Consumer spending rose 2.8% in the quarter, stronger than the original estimate of 2.1% and the strongest pace since 2002. Another big contribution to the economy was business investment in structures like offices and factories, which expanded at a 10.1% pace, faster than the initial estimate of a 5.4% clip.
Soybeans came to the rescue helping exports clock a 10.1% gain, and corporate profits grew a healthy 6.6%.
GDP measures total spending in the economy, which is a decent economic barometer when left to its own devices; however, when policymakers artificially "boost" GDP by borrowing and spending other peoples money, the measure becomes less meaningful. Still, recent measures point to a reasonably healthy economy that is still nowhere near recession. Things can change fast, but right now things are OK.
What are your thoughts?
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Rob Viglione is a PhD Candidate in Finance @UofSC with research interests in cryptofinance, asset pricing, and innovation. He is a former physicist, mercenary mathematician, and military officer with experience in satellite radar, space launch vehicles, and combat support intelligence. Currently a Principal at Key Force Consulting, LLC, a start-up consulting group in North Carolina, and Head of U.S. & Canada Ambassadors @BlockPay, Rob holds an MBA in Finance & Marketing and the PMP certification. He is a passionate libertarian who advocates peace, freedom, and respect for individual life.