US Economy

Interesting read from BizzyBlog

QUESTION: When is this economy going to some respect?

The economy’s 3.8% third-quarter growth (subject to revision in the coming months) was remarkable, given the storms that occurred during almost the entire final month of the quarter:

Economists had forecast GDP would advance at a 3.6% rate in the July-to-September quarter. The economy has now expanded faster than 3% for 10 straight quarters.

So when was the last time the economy expanded faster than 3% for 10 straight quarters?

It didn’t happen during the 1990s (the longest streak was eight).

It last happened during the 13 quarters from 1Q 1983 through 1Q 1986. Not coincidentally, a president who believed in lowering taxes to stimulate economic growth was in charge the last time it happened.

So despite being at war, despite devastating storms, and despite legislative and regulatory drags on the economy like Sarbanes-Oxley, this has been most consistently growing economy in almost 20 years.

Not only that, the US economy has NEVER had a streak of more than 7 quarters of 3.0% or greater annualized growth at any other time in the 58 years that quarterly GDP statistics have been kept!

HT to Willisms, a great site for figures behind the news.