Real GDP estimates has risen to 5.2% from early estimates of 4.9% in the 3rd Quarter of 2023. That is fantastic news as it indicates a level of strength and resilience in the U.S. economy. Unemployment is low and wages are rising. We still have work to do on our national deficit and ensuring strong fiscal management but the basics are there for longer term growth.
Infrastructure, technology and human capital can further help solidify gains for sustained performance. Investments are starting to rise and if it persists that often pushes some of the other behaviors that lead to adjustments toward long term growth (For example in my microcosm of Escanaba, new investments lead to increased training to maintain advanced technologies/industries. Thus, investments change the market and improve the fundamentals.).
Visualizing GDP What I like about their visualization and discussions is the highlighting of how manufacturing has been on the decline. We have opportunities to improve advanced manufacturing-exports and there are some indications a reversal of trends may occur soon. We lost a little on trade deficit to a sad $89.8 billion. A review of plans is needed on how to increase exports of American products. Likely a good place for industry and government to collaborate ideas that foster international market penetration.
Gross Domestic Product (Second Estimate) Corporate Profits (Preliminary Estimate) Third Quarter 2023
(You can read this for the giggles of it. Its part of a theory I'm working on. See April, 2020 Covid Economic Projections and Federal Stat Update?)
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