News that the US gross domestic product jumped 3.5% in the third quarter cheered investors and others, but the cheers will ring hollow if unemployment keeps rising, John Authers writes. Consumer spending rose even as disposable income fell—“ not a pattern that can be sustained for long, and it is inconsistent with the need for US families to pay down their debts,” he notes in the Financial Times.
Authers credits Cash for Clunkers and other government programs for sparking higher consumption—programs that won’t continue much longer. And while consumer optimism may be buoyed by the news, other data out today show that though the unemployment rate is rising more slowly, it’s still rising faster than before the recession began.
Sunday, November 1, 2009
US GDP Jump Hollow if Unemployment Keeps Rising
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3 comments:
No jobs? No problem! America can still maintain its luxury lifestyle in spite of a jobless recovery. Here's how:
http://bit.ly/ozqT6
(satire)
This is a great post. I just had one of the ‘Doh!’ moments and ran back to correct my own site before publishing my comment. You see my own comment form did not match what I’m about to advice. I get less comment than you, so never noticed any problem. I’ve changed it now anyway so here goes.
study abroad
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