GDP growth slowed to a 1.6% rate in the first quarter, well below expectations

Looks like you don’t understand how BLS tabulates a last 12 months inflation rate, for example, 2023’s 3.4% inflation rate

All Items……BLS basket of goods

Jan 2023; 0.5
Feb 2023; 0.4
Mar 2023; 0.1
Apr 2023; 0.4
May 2023; 0.1
Jun 2023; 0.2
Jul 2023; 0.2
Aug 2023; 0.6
Sep 2023; 0.4
Oct 2023; 0.0
Nov 2023; 0.1
Dec 2023; 0.3

over the last 12 months; 3.4%

All Items

Jan 2024; 0.3
Feb 2024; 0.4
Mar 2024; 0.4

over the last 3 months; 1.1%

over the last 12 months, April 2023 to March 2024; 3.4.

NOTES;

1. BLS basket of goods includes purchase of used vehicles”, whereas GDP Personal Consumption Expenditures excludes purchase of “used vehicles”.

2. BLS includes some purchase of services, whereas GDP Personal Consumption Expenditures includes all purchase of services

 

Slowing compared to the previous quarter which included Christmas and holiday spending?

 

What kind of answer do you expect to receive from this guy?

Reason my asking is reference to the dot.com bubble, this guy now believes that Bill Clinton induced a buying frenzy of stock companies such as DJT, hence blaming Clinton for the dot.com bubble burst, and 2001 recession.

 

And it may continue to slow as most foreign nations are either in a technical recession, or at a near zero growth rate.

For example; Canada and the UK are huge importers of U.S. made goods and services, however;

Canada GDP growth rates

Q3 2023; - 0.1%
Q4 2023; +0.2%

UK GDP growth rates

Q3 2023; - 0.1%
Q3 2023; - 0.3%

Source; Trading Economics

Thus, Biden’s 1.6% GDP growth rate, surprisingly strong compared to most foreign nations.

 

Biden said the economy is doing great. Is this doing great to you?

 

Absolutely and surprisingly great compared to most foreign nations.

Google tradingeconomics, nation A to Z gdp growth rates, and see for yourself.

 

Slowing in general and below expectations people are maxed on on their credit.

 

To the MAGAs, PCE slowed in the last quarter, and that’s a nightmarish fact. There’s Nothing you and I can do about said partisan motivated reasoning.

However, Reference to labeling our last quarter’s PCE growth rate as an inflationary growth rate is both hilarious and sad, due to the fact that a Real PCE growth rate takes into account inflation.

That’s like saying; a thousand pounds of steel weighs more than a thousand pounds of feathers.

 

People should Pay CASH...
^Problem Solved...
If they can't pay cash, then they can't afford it...

 

Are you denying the Clinton DOJ led the charge to break up the big tech companies including Microsoft and don't put words in my mouth about the recession itself I CLEARLY st

Yea it's going on the credit cards.

"Consumers’ total outstanding credit leapt by $19.5 billion in January.

Revolving credit accounted for $8.4 billion of the increase, while nonrevolving credit made up the other $11.1 billion, the Federal Reserve said Thursday (March 7) in its monthly report on consumer credit outstanding.

“In January, consumer credit increased at a seasonally adjusted annual rate of 4.7 percent,” the Federal Reserve said in the report. “Revolving credit increased at an annual rate of 7.6 percent, while nonrevolving credit increased at an annual rate of 3.6 percent.”

With these increases, total outstanding credit reached $5.04 trillion, according to the report.

The leap in consumer borrowing was higher than that forecast by economists, Bloomberg reported Thursday. The median estimate of economists surveyed by the media outlet was for an increase of $10 billion.

The increase in nonrevolving credit was the highest in seven months, and the total credit outstanding in January was the highest ever, according to the report. "
https://www.pymnts.com/consumer-fin...tanding-credit-leapt-19-5-billion-in-january/

 

It is not a GOP Congress and the Dems control two of the three branches that dictate policy. The consequences we are seeing are from the Dem SPEND SPEND SPEND and the SPEND some more while killing our domestic energy future.

 

Are you denying the Clinton DOJ led the charge to break up the big tech companies including Microsoft and don't put words in my mouth about the recession itself I CLEARLY stated otherwise.

Why aren't we doing the BEST?

 

We will have to see next month to see if its a trend. Spending didn't slow down in the previous quarters.

Expectations are exactly that...just expectations. The experts said a recession is imminent, but they have been saying that since 2021. It doesn't seem likely as globally, economies seem to be recovering.

 

Anything good in the 90s he gives credit to the GOP house, anything bad was Clinton. Been the same song from him for awhile.

 

Are you denying the Clinton DOJ Anti-Trust lawsuit against Microsoft? It sacred the bejeebers out of investors who started taking their profits before they could start going down the list.

 

FRED’s Real PCE Growth, Q1 2024

End of December 2023; $15.656 Trillion
End of March 2024; $15.672
Up $106 billion

Where’s your proof that said $106 billion is entirely due to Credit cards and Other Revolving plans?

Also, your outstanding consumer debt figures are in nominal dollars, and Nominal PCE growth is significantly higher than Real PCE growth.

 

Where did I state that?

 

Reference to our last quarter’s PCE Growth Rate, here’s your response;

“Yeah it’s going on the credit cards”

HOWEVER, here’s a honest response;

“PARTIALLY due to consumers buying both goods and services with credit cards and other revolving plans such as a line of credit”

Question; What about Trump’s 2019 PCE growth rates?

Answer; PARTIALLY due to consumers who bought both goods and services with credit cards and other revolving plans.

 

TRADING ECONOMICS

“Total consumer credit in the U.S. increased by $14.2 billion in February 2024, compared to a downwardly revised $17.68 billion in the previous month”

______

March 2024 total consumer credit, UNKNOWN, however, let’s assume an increase of $18 billion

Jan TCC….+ $17.68 billion
Feb TCC….+ $14.20 billion
Mar TCC….+ $18.00 billion (fair estimate)

Q1 2024 Total; Approx. $50 billion, NOMINAL dollars

FRED’s Nominal PCE

End of December 2023; $19.013 Trillion
End of December 2024; $19.350 Trillion
Up $337 billion

QUESTION; In Q1 2024, what percentage of goods and services were purchased with credit cards, and other revolving credit and non-revolving credit?

ANSWER; $50 billion/337 billion = Approx. 15%

15 PERCENT!!!!!!!

Thus, NOT 25%, NOT 50%, 75%, or 100% according to some below average intelligent members on this site.

 

Apr 15, 2024 Updated Apr 15, 2024
"Consumer credit card debt stands at record highs, and 66% of Americans worry about how to cover one month of expenses if they lose their job. Stubbornly high prices combined with stagnant wages, results in more debt and stress for many Americans.

In an interview with Marketwatch, Greg McBride, Chief Financial Analyst for Bankrate, said, "A lot of the spending that takes place is being done out of necessity, not choice. For a lot of these households, it's not because they're living large. It's because they're trying to keep up. Inflation has stretched household budgets. Those that were previously saving may be saving less or not saving at all. Those that weren't saving have been leaning on credit to fill the gap."
https://www.citizentribune.com/news...cle_53d21fd4-4740-50c4-8307-97f7c14566ce.html

Yea keep trying to put lipstick on this pig of an economy.

 

You mean when inflation was under 2% and incomes were rising and people were ABLE to take on more debt and manage it?

 

Mr. Bluesguy, I will now show you what honesty is:

MAGA Claim; The price of goods increased by 3% last quarter

FALSE!


MAGA Claim; Inflation is the primary reason why Biden’s Q1 2024 PCE grew by 0.8%

FALSE!

MAGA Claim; Consumer credit is the primary reason why Biden’s Q1 2024 PCE grew by 0.8%

FALSE!

________


Questions;

1. I’m I denying the fact that consumer credit is at a record high?

NO!

2. I’m denying the fact that X amount of consumers are increasing their credit card debt, and other revolving credit to buy necessities?

NO!

3. I’m denying the fact that X amount of consumers are depleting their savings to buy necessities;

NO!

————-

And pleeeeasase, don’t re-post half of what I just said.

 

I am not MAGA if you want to respond to MAGA go fine some MAGA in the meantime try responding to what I post.