The latest economic news/last news before the midterm elections has just been released.
From Fred Imbert’s article for cnbc.com, here are its key points:
- Gross domestic product expanded by a 3.5 percent annual rate. Economists polled by Dow Jones expected the economy to expand by a 3.4 percent annual rate.
- The department said the PCE price index, a key measure of inflation, increased by 1.6 percent last quarter, much less than the 2.2 percent increase expected by economists polled by StreetAccount.
- Consumer spending, which accounts for more than two thirds of U.S. economic activity, grew by 4 percent in the third quarter, the strongest since the fourth quarter of 2014.
Are you impressed? I sure am.
And, just to be clear, the release of this information has not been timed to make Trump and his fellow Republicans look good – make that great – on the eve of the elections. This is when it would have come out under any circumstances.
The above information, of course, will only have an impact if voters consider the state of the economy to be a major issue when they cast their ballots.
I’d give you three guesses as to whether they do…but I won’t bother, on the grounds that I’d expect to get the same answer for each guess.
I now await the Democrat response – which, I assume, will be either that this is bad news, or that, yeah, it’s good news, but it’s Barack Obama’s fault, not Donald Trump’s.
Please let me know which one makes you laugh harder.