GDP - GDP Data Shows Roaring US Economy But There's One Weakness — And It Hits Your Wallet | Benzinga
The U.S. economy is in good shape, but close observers of Thursday's gross domestic product report are flagging some unsettling trends.
What Happened: Indeed, the latest data exceeded economist projections. The U.S. economy recorded an impressive 4.9% growth rate in the third quarter of 2023.
But there's a "red flag," according to the Washington Post's economic columnist, Heather Long:
This is a stellar GDP report
-Strong consumer spending
-Biz building up inventories again
-Exports up
-Housing showing signs of life
-Gov't spending is solidThe red flag? = Inflation-adjusted incomes and savings went down. "Real disposable personal income decreased 1%" pic.twitter.com/7FXNBQ9qBE — Heather Long (@byHeatherLong) October 26, 2023
Why It Matters: Families, on average, are making less money. Consider the numbers, courtesy of Census data:
- Real median household income was $74,580 in 2022
- That's a 2.3% decline from 2021's $76,330 ...