So much for those who wanted to “predict” a Recession in the United States in 2016.
Earlier this morning, the latest in third quarter GDP numbers were released. Per Bloomberg …
“Gross domestic product rose at a 3.2 percent annualized rate in the three months ended in September, the fastest in two years, compared with an initial estimate of 2.9 percent, Commerce Department figures showed Tuesday. The median forecast in a Bloomberg survey called for a 3 percent gain.
While business investment remains a weak spot, solid labor-market progress and steady household purchases kept growth on track ahead of the holiday shopping season. The figures are likely to reinforce projections for Federal Reserve policy makers to raise the benchmark interest rate in December for the first time this year, with inflation getting closer to the central bank’s goal.”
That’s not all.
Corporate profits was also released at 8:30 AM this morning, and reported profits rocketing 5.2% year-on-year in the third-quarter. Year to date, this accounts for the largest jump in corporate profits in three years.
So much for ‘recession predictions’. As we had stated on several occasions, we expected a struggling economy with no recession. About four months ago we had stated that there was an uptick in possibilities for recession. But there was still nothing that was clearly pointing towards a recession. Simply a ‘waffling’ economy.
I suppose the econo-doomers will have to cry themselves to sleep as dreams of destructive recessions are postponed for another day …