Thursday, the Commerce Department reported that the U.S. economy grew at an annual rate of 7.2% in the third quarter. This is an estimate of real gross domestic product, the output of goods and services produced by labor and property located in the United States.
7.2% is the fastest rate of growth since 1984.
I anticipate that the negative news media will take the edge off this extraordinary performance by focusing upon the lack of job creation. In a hopeful sign, the Labor Department reported that the number of Americans filing initial jobless claims fell fell to 386,000 in the week ended October 25.
First-time claims have been below the benchmark 400,000 level for four straight weeks. Many economists consider this benchmark to be a sign of recovery. I hope they are right!
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