Longest U.S. Expansion Keeps Rolling
Published Friday, November 29, 2019 at: 7:00 AM EST
Newly released data confirmed expectations that the 10-year-old expansion — already the longest ever — will continue growing albeit at a modest pace.
The U.S. Bureau of Economic Analysis on Wednesday revised upward third-quarter economic growth and released a new monthly personal income figure showing a strong acceleration after adjusting for inflation.
The four components of U.S. economic growth — consumers, exports net of imports, state and local government spending, and business investment — grew by 2.13% in third quarter of 2019.
The government issues three estimates of the quarterly growth rate and the first estimate was for a slowing rate of growth in gross domestic product. The new figure is the first revision before the final figure will be released. The GDP growth rate came in at 2.13% in the third quarter, which ended on September 30th, 2019.
U.S. growth is being driven almost entirely by consumers and low inflation.
After adjusting for inflation, real disposable personal income grew by 2.2% in the 12 months ended in October 2019. That was down from September's 12-month rate of growth of 2.6%, but the highs in real disposable personal income per person relative to the two previous expansions are impressive and important. The amount of money the average working American has in their pocket available to spend has not been higher in modern America.
On the Friday after Thanksgiving 2019, the Standard & Poor's 500 index, a grading system for financial economic progress, closed fractionally off an all-time high reached on Wednesday, at 3,140.98.
This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial or tax advice without consulting a professional about your personal situation. Tax laws are subject to change. Indices are unmanaged and not available for direct investment. Investments with higher return potential carry greater risk for loss. No one can predict the future of the stock market or any investment, and past performance is never a guarantee of your future results.
- Good And Bad Financial News: Weekly Investment Update
- A Financial And Tax Planning Strategy For This Week's Stock Market Plunge
- Having Trouble Tuning Out The Bad Financial Economic News?
- A Key Signal Of Strength At A Pivotal Moment In Economic History
- Despite Strong Jobs Report, Stocks Declined Last Week
- The Fed Risks A Recession To End Inflation, As Expected
- Stocks Snap Four-Week Win Streak
- Stocks Have Soared Lately, But What Should You Expect Near And Long-Term?
- Investing In An Economy Beset By Multiple Anomalies
- Despite Bad Economic News, Stocks Rose 4% In The Week Ended July 29, 2022
- Amid Bad Data Releases, Leading Economists Predict No Recession
- Good News: Real Retail Sales Dropped Fractionally In The Past Year
- Financial Economic News Analysis
- The Good News Is All This Bad News
- Four Signs A Recession Could Be Short And Shallow
- Odds Of A Soft Landing Shrunk After Friday's News
- Bad Inflation Surprise Sends Stocks Down Sharply
- It Could Be A Long, Hot Summer For Investors
- What A Difference A Week Makes
- Amid Stock Market Turmoil, +2.3% Growth Projected In 2022
- Staying On Track Amid The Ukraine And Inflation Crises
- For Investors, 2022 Is Turning Into A Test
- Is The Economy Brightening? Or Is The Federal Reserve Slamming The Door On Growth
- Financial Economic News In Perspective