Economics

33.1% GDP 3Q growth is unprecedented. US economic growth shatters record at 33.1%, but fails to snap coronavirus recession.

National Economic Council Director Larry Kudlow breaks down the latest GDP numbers, coronavirus shutdowns and stimulus talks.

The U.S. economy grew at a record-shattering pace in the third quarter as businesses reopened from the coronavirus shutdown, but the nation remains in a deep hole from the COVID-induced recession.

Gross domestic product, the broadest measure of goods and services produced across the economy, surged by 33.1% on an annualized basis in the three-month period from July through September, the Commerce Department said in its first reading of the data Thursday. The previous post-World War II record was a 16.7% increase in 1950.

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Trump Bull in the China Shop. The force of a bull has become necessary put tariffs on China to save U.S. economy and jobs by bringing back manufacturing.

Dictionaries define “a bull in a China shop” pejoratively as a clumsy person causing damaging results. However, the 2016 election brought another angle to bear, namely that the amazing destructive force of a bull had become necessary to upend the established modus operandi of the powers that be in DC.

Part of that DC establishment is the China lobby, and there is a china store in the lobby. When President Nixon went to China in 1972, he was working on the thesis by David Rockefeller, President of the Council on Foreign Relations, and of Chase Bank and descendant of the greatest robber baron in U.S. history. The same David Rockefeller who threw a party for Fidel Castro at his Manhattan residence during the UN 150th Anniversary (the only visitor who got a party from Rockefeller out of 200+ heads of state).

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Jobs/unemployment numbers better than projected. New jobless claims fall to lowest level since mid-March.

The number of new applications for unemployment benefits dipped to 881,000 last week, the Labor Department reported Thursday in an encouraging sign for the economy.

Forecasters had projected 950,000 new jobless claims.

Instead, claims fell to the lowest level since mid-March, before the pandemic induced mass layoffs.

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Demand for US goods soar despite pandemic. Factory Orders Jump 6.4% in July, Durable Goods Soar 11.4%

The resurgence of American manufacturing from the depths of the pandemic continued in July.

U.S. factory orders rose 6.4 percent last month, the third consecutive increase, the Census Bureau reported Wednesday. Orders were up 6.4 percent in June. Economists had forecast a 6.0 percent gain, a slowdown from the month before.

Orders for durable goods, those expected to last three years or longer, rose 11.4 percent. That’s an increase from the 11.2 percent rise initially reported and brings manufacturing in-line with its pre-pandemic level of activity.

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