U.S. third-quarter GDP revised to three-year high of 3.3%

“The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies than previously estimated, Commerce Department data showed Wednesday,” Sho Chandra reports for Bloomberg. “The latest results for GDP, the value of all goods and services produced, show the economy withstood major hurricanes to reach a more solid footing as it entered the final stretch of the year.”

“While the revised growth rate is in line with President Donald Trump’s goal, economists generally see such a pace as unsustainable and expect growth to slow sometime in 2018,” Chandra reports. “The biggest improvement came in business investment, which made a 1.2 percentage-point contribution to growth, up from 0.98 point in the initial estimate a month ago. In addition to greater spending on transportation equipment, the data also reflected more software spending.”

“Corporate profits grew, albeit at a slower year-over-year pace than in the prior period,” Chandra reports. “After-tax incomes adjusted for inflation increased at a 0.6 percent annual pace, revised from 0.5 percent; saving rate revised to 3.3 percent from 3.4 percent”

Read more in the full article here.

MacDailyNews Take: A stronger U.S. economy, especially regarding employment and disposable income gains, obviously bodes well for Apple.

Goldman Sachs sees U.S. unemployment rate hitting lowest level since the late-1960s – November 20, 2017
American consumer confidence soars to highest level since December 2000 – October 31, 2017
U.S. jobless claims plunge to lowest level since 1973 – October 19, 2017
U.S. economy picks up steam; second-quarter GDP up 3.0% reflecting robust consumer spending and strong business investment – August 30, 2017
U.S. consumer confidence shows Americans upbeat on jobs, economy – July 25, 2017


          1. NO!

            Not my responsibility and I don’t want to do homework for the LAZY clueless minions. And you are clueless drawing the WRONG conclusion from my post.

            Sorry, not exactly a sunny day on Planet Libtardia … 🌚

            1. I LOSE? Are you fscking serious!

              When I work for you and sign my check or the misguided poster before you, only then will I engage. On my timetable, not yours! Got it?!?

              Sheesh! Such pushy and RUDE people you both must be from NYC. Further, to consciously misinterpret or extrapolate my capability, sans proof, simply PROVES how clueless you are …

    1. First, Trump and Congress have done nothing that would materially impact U.S. economic growth. Business are not investing on promises of a tax cut. Second, even if Trump and Congress had succeeded in passing legislation that would have a positive economic impact, it would take longer for that impact to materialize. This is simply a blip in the long term trend of recovery from the massive economic collapse created by the Bush GOP combined with tens of $B in unplanned stimulus spending trying to recover from massive hurricanes and flooding. People are buying hundreds of thousands of replacement vehicles and rebuilding and refurnishing tens of thousands of damaged or destroyed homes.

      Don’t give me that MAGA crap, GoeB. Trump has nothing to do with this growth blip, although he will certainly take credit for it. When the growth rate drops back down to around 2%, however, you won’t hear a peep from the chump. Anything that is not positive towards him is “fake news.”

    1. Again and again Currentinterest, the same old same old tired meme. False deflection credit is not fooling anyone. Oh wait, there are SJWs out there.

      No credit, not one atomic particle, not a scintilla, not a hair or a thread for the economies confidence in President Trump. And it’s all due to Obama, yeah right.

      What you are saying is Trump is following or continuing Obama’s policies because he does not have a game plan of his own. Which is totally ridiculous and insults President Trump’s tireless day in and day out work ethic and efforts to benefit ALL American people. As well as his policies, his executive orders, and his affectious unshakeable confidence in America.

      Just another revisionist workday for the blind partisan party. I can only hope REALITY enters your skull in the near future …

      1. You ought to be a comedian, GoeB. I just about busted a gut laughing at your partisan tripe.

        “…tireless day in and day out work ethic…”

        Sure, if work means playing golf and watching Fox News on TV.

        By the way, Trump’s only “game plan” is whatever gains him public approval right now. Trump is as fickle as the winds. If you look at his body of statements through the election and during his term of office to date, you will find so many contradictions that it nearly impossible to define broad policies or a coherent agenda.

        About the only topics on which Trump has been consistent are Muslim extremists, immigration, the Wall, and how awesomely great Trump is. The latter, of course, is by far the most important.

        I have railed against the partisan hyperbole on this site. We have all seen the comments about Obama and Clinton and others. But I will indulge in a bit of my own right now. Should this country survive long enough to reflect on this decade, historians are going to judge the Trump Administration to be a disaster and an embarrassment. Even our allies distrust us now, and are looking to Europe for democratic leadership.

        Trump is a chump. There is no doubt. And the people who voted for him…you have only yourselves to blame.

    2. did “O” do to set up growth? The current state is aligned with a consumer confidence not seen since 2000. Oused the greatest amount of his energy on instating a policy/program that used 1/6th of the economy and it is/was a complete cluster from the beginning. In addition, he was the first/only ONLY prez to not break 3% GDP growth. With that said, the Consumer Confidence Index is hardly a mark of solid confidence asAmericans have a spending/debt problem, so any confidence in “their” confidence is foolish. As well, attributing all of the up-trend to Don is premature…at least as it concerns “real” progress. To those that credit either one, are you going to credit them as well for the economic energy that seems to be so hot that many are saying we are in a bubble and the heat is unsustainable? Who would be responsible is a fall occurs?

    1. I think that the MDN take is that what is good for the economy generally is good for Apple’s stock price specifically. Since its beginning, this site has been primarily about APPL the stock and only about Apple the company to the extent that the one affects the other.

  1. “The U.S. economy’s growth rate last quarter was revised upward to the fastest in three years on stronger investment from businesses and government agencies”

    The consumer end of it is 1.6%. That is sad, bad and scary. That’s why 2017 set a record of 6,700 store closing. That is not the sign of a healthy economy.

  2. Mueller may or may not take down Trump. Clearly, some of Trump’s cronies are going to get justifiably hammered by the law for their criminal actions. But Trump may have distanced himself enough to escape the noose.

    Regardless, Trump is scared because Mueller likely already has access to all of Trump’s financials for years and you know that the criminal dirt is piled knee deep in those documents. Trump has dirty hands, and he knows it.

  3. Funny how well corporations are doing with the current tax rate? Funny how reports are coming out how pretty much EVERYONE in the financial industry is against Republican tax plans. Funny how only loyal Trumpsters think he’s doing anything. Funny how there’s been basically no changes made by Trump and Republicans except to destroy social programs – I guess that’s what makes corporations happy.

    1. On a day that Mr. Trump could have focussed on the economy and tax cuts, he instead deliberately picked a fight with the government of our closest ally by retweeting inflammatory (and utterly deceptive) videos from the UK alt-right group Britain First. From tomorrow’s Guardian:

      “Brendan Cox, widow of Jo Cox, an MP murdered last year by a man reportedly shouting “Britain first” as she shot and stabbed her, told CNN: “I think we probably got used to a degree of absurdity, of outrageous retweets and tweets from the president, but I think this felt like it was a different order.

      “Here he was retweeting a felon, somebody who was convicted of religiously aggravated harassment in an organization that is a hate-driven organization on the extreme fringes of the far, far right of British politics. This is like the president retweeting the Ku Klux Klan.”

      When the British Prime Minister pointed this out, the President responded,

      “Theresa @theresa_may, don’t focus on me, focus on the destructive Radical Islamic Terrorism that is taking place within the United Kingdom. We are doing just fine!”

      Tell that to the survivors of Las Vegas and Sutherland Springs.

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.