Daily Bread for 10.27.22: The Irony of National Growth Figures

Good morning.

Thursday in Whitewater will be partly sunny with a high of 57. Sunrise is 7:23 AM and sunset 5:53 PM for 10h 29m 28s of daytime. The moon is a waxing crescent with 5.3% of its visible disk illuminated.

On this day in 1904, the first underground New York City Subway line opens, later designated as the IRT Broadway–Seventh Avenue Line.

 Abha Bhattarai reports U.S. economy grows in third quarter, reversing a six-month slump (‘Latest GDP report shows the economy expanded at an annual rate of 2.6%, even though many signs point to slowdown’): 

The U.S. economy grew at an annual rate of 2.6 percent in the third quarter, marking its first increase in 2022 and a sharp turnaround after six months of contraction — despite lingering fears that the country is at risk of a recession.

The third-quarter gross domestic product figures, released Thursday by the Bureau of Economic Analysis, provide an upbeat snapshot less than two weeks before midterm elections, in a year that has seen the economy and high inflation become a persistent challenge for Democrats. “The irony is, we’re seeing the strongest growth of the year when things are actually slowing,” said Diane Swonk, chief economist at KPMG. “There are some real cracks in the foundation. Housing is contracting. The consumer is slowing. GDP is growing, but not for all of the right reasons.”

Economic conditions nationally are mixed, and not all of the nation is experiencing (obviously) the nation’s average level of growth.  Economic plans, if there are to be plans, and however hopeful they may be, begin only from the true present into the imagined but uncertain future. 

 Meta stock craters over bleak forecast, metaverse bets

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