Ouch. The US Department of Commerce released the advanced estimate 2011 gross domestic product numbers this morning. If you expected 2011 to be better than 2010, sorry .. we fell short … by quite a bit.
From the Bureau of Economic Analysis report.
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.8 percent in the fourth quarter of 2011 (that is, from the third quarter to the fourth quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 1.8 percent.
Concerning the overall GDP for 2011 as compared to 2010… (My emphasis in bold)
Real GDP increased 1.7 percent in 2011 (that is, from the 2010 annual level to the 2011 annual level), compared with an increase of 3.0 percent in 2010.
The increase in real GDP in 2011 primarily reflected positive contributions from personal consumption expenditures (PCE), exports, and nonresidential fixed investment that were partly offset by negative contributions from state and local government spending, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
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As I understand it, this is an “Advanced Estimate” and like all estimates put out by US Gov’t agencies, one must wait until a month later when the REVISED numbers (no longer estimates but concrete numbers) come out. And, typically these figure are adjusted downward and less optimistic, but seldomly, we get a better outcome. Time will tell but I have no faith in this economy.
Let me add: for the “GDP” of my small business was down 35% in 2011 from 2010. Things are not looking up for me. How about you?
I expect little recovery. But hope the reports of growth & sales etc. are true.
The old adage,”Figures don’t lie,but liars figure” certainly applies here.
One question: is this the inevitable “adjusted figure” or the one “to be adjusted” in the future?
ØbamanØmics in action! Any more growth like this and inflation will be greater.
It would be interesting to see what the percentage of growth for Democrats v Republicans was. Also, what was the growth of friends of Øbama.
But Debbie Wasserman “I know nothing” Schultz keeps telling me what a great job Øbama is doing with the economy!!
Could she be misleading me???