(Reuters) – The U.S. economy grew faster than previously estimated in the third quarter, government data showed on Tuesday, but still not enough to address stubbornly high unemployment.
Gross domestic product growth was revised up to an annualized rate of 2.5 percent from 2.0 percent as exports, and consumer and government spending were stronger than initially thought, the Commerce Department said in its second estimate.
Economists had expected GDP growth, which measures total goods and services output within U.S. borders, to be revised up to a 2.4 percent pace. The economy expanded at a 1.7 percent rate in the second quarter.
“It wasn’t inventories, which is good news,” said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts. “You had positive surprises in spending to outweigh inventories. Hopefully we can carry that momentum into the fourth quarter. It’s good news.”
The nation’s workers may be struggling, but American companies just had their best quarter ever.
American businesses brought in $1.66 trillion in the three months that ended in September, according to a Commerce Department report released Tuesday. That is the highest figure recorded since the government began keeping track over 60 years ago, at least in nominal or non-inflation-adjusted terms.
Corporate profits have been going gangbusters for a while. Since their cyclical low in the fourth quarter of 2008, profits have grown for seven consecutive quarters at some of the fastest rates in history.
This breakneck pace can be partly attributed to strong productivity growth — which means companies have been able to make more with less — as well as the fact that some of the profits of American companies come from abroad. Economic conditions in the United States may still be sluggish, but many emerging markets like India and China, are expanding rapidly.
Update: There is some good news for workers this morning.
U.S. Jobless Claims Decline to 407,000, Lowest Since July 2008
Applications for unemployment benefits in the U.S. fell more than forecast last week to the lowest level since July 2008, reinforcing evidence the labor market is healing.
Jobless claims declined by 34,000 to 407,000 in the week ended Nov. 20, Labor Department figures showed today in Washington. The median projection of economists surveyed by Bloomberg News called for a drop to 435,000. The total number of people receiving unemployment insurance decreased to the lowest in two years, and those on extended payments also fell.
Fewer firings lay the groundwork for a pickup in job creation that will generate incomes and spur consumer spending, which accounts for 70 percent of the economy. Even with companies firing fewer workers, unemployment will be slow to decline, according to the Federal Reserve’s latest forecast in which policy makers also lowered their growth projections.
“We are seeing signs of life in the labor market,” Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said before the report. “This bodes well for the holiday shopping season. More consumers have more paychecks this year as the economy has made the turn from jobs destruction to jobs creation.”
Consumer spending rose in October for a fifth month as a rebound in incomes lifted the biggest part of the U.S. economy at the start of the final quarter of 2010, Commerce Department figures showed today.
Slow, but sure, we’re getting there, folks.
When we weren’t looking, that great constitutional lawyer, Dr. Orly Taitz, Esq., must have received another degree in a crackerjacks box. She has branched out from Birfoonery to punditry. Did you know unemployment is a lot worse than we think? That states can ratify foreign treaties and unilaterally levy and unlevy tariffs?
Even though i generally diagree with unions on a number of issues, as far as NAFTA, which was pushed by Clinton, GATT, which was pushed by all presidents in the last 30 years, appear to be unconstitutional under the 10th and 9th amendments. These Ponzi schemes let to current unemployment of 300 million Americans, unfunded obligations of the Federal government in the amount of 300 trillion and national dbt , which is officially 13-14 trillion, but truly about 64 trillion.
The states and the people of the United States agreed to dismantled their tariffs in exchange for a uniform U.S. tariffs. When our federal government dismantled federal tariffs in the last 30 years, they breached the 9th and 10th amendments. I believe that without ratification by all the states NAFTA, GATT/WTO and most favorite status are unconstitutional, as a result the states can assert their own tariffs or exercise their state Constitution clauses and secede from the current union and form a new union, based on balanced budgets, balanced trade and protect their citizens from unfair trade with the third World countries like China, India, Indonesia, Philippines, which use de facto slave labor and Ponzi schemes pushed by the current Federal government.
A poster named “Con Law” is puzzled, too.
How do the treaties violate the 9th and 10th amendments? The constitution specifically reserves the right to make international treaties to the federal government. Indeed, there exists no mechanism under any circumstances when decisions by the federal government have to be ratified by the states, save of course for a constitutional amendment.
This outrages another poster, “Phil”:
“It always seems to be a “lefty” that can’t find his head with both hands!!! They sort of have “constipation of the brain and diahrrea of the mouth!” So if you’re so knowledgable, why don’t you expound upon the 9th & 10th amendment? Only a “lefty” would post this challenge, cause they love trying to tick off the people who are trying to solve things, that you “lefties” just can’t understand!”
Fortunately, there is a “lefty”–this is apparent from a certain lack of boneheadedness–named “Chum Lee,” who having patiently explained the 9th and 10th amendments, which “Phil” ignored, pointed out:
Lastly, 300 million Americans are not unemployed. That would leave a net total of 7 million employed Americans (total US population including children is 307 million).
If you are one of the lucky 7 million, hold on to your job.
It makes sense, though, that Dr. Orly Taitz, Esq. should be angling for work as a FOX News pundit. With her dismal performance as a political candidate in the California primaries, her rejection by politicians she thought were her allies, even plaintiffs, and her former lover’s observations that she never did much in the way of dental work, real estate, or law that wasn’t Birfering, plus the nothing-happening status even of that, well, maybe she feels she’s got to appear to be doing something with her time.
The most active case she’s got going is one where she is a defendant sued by another Birther lawyer, Phil Berg: Liberi v. Taitz, now in the Third Circuit Court of Appeals. (Well, it would be if not for the several rejections for non-compliance.)
The newest case she’s got is also as a defendant, where she is being sued by her former legal assistant and boy toy, Charles Edward Lincoln, III.
In another case where she is a defendant, her tenants are suing her.
She is still finagling around with SCOTUS, trying to get them to regain her the $20,000 sanctions levied against her in Rhodes v. MacDonald.
She is still trying to undo Damon Dunn’s victory in the Republican primaries, even though he lost in the general to California Secretary of State Debra Bowen.
Keyes>Barnett v. Obama is sitting in a California appeals court, where it could sit for months, if not years.
She thinks she has a Quo Warranto case in D.C., Taitz v. Obama, where she continues to file reams of paper, but she doesn’t. Judge Lamberth issued a final order on April 14, effectively ending his court’s jurisdiction.
A final order is one that terminates the action itself or finally decides some matter litigated by the parties. In a civil lawsuit, the plaintiff may make many allegations and legal claims, some of which the court may dispose of during the litigation by the issuance of an order. When the court is ready to completely dispose of the case, it enters a final order. As part of the final order, the court directs that judgment be entered, which authorizes the court administrator to close the case in that court.
CLOSED, PROSE-NP, TYPE-F
U.S. District Court
District of Columbia (Washington, DC)
CIVIL DOCKET FOR CASE #: 1:10-cv-00151-RCL
TAITZ v. OBAMA
Assigned to: Chief Judge Royce C. Lamberth
Cause: 28:1331 Fed. Question
Date Filed: 01/27/2010
Date Terminated: 04/14/2010
Jury Demand: None
The Quo Warranto case was terminated, closed, dismissed, denied, over, done and out. Judge Lamberth has no obligation to pay a bit of attention to anything filed after that.
But Orly’s flying monkeys are still at it as of November 9:
I called Judge Lamberth’s office and asked why it has been 75 days without a reply on your latest brief. The clerk said that the case was closed. I asked how can the case be closed when he has not ruled on your brief and was told that the case was closed. When I pressed further, the person got short with me and then hung up. When I called again, I got someone else and they gave me the same answer.
Every one of Orly’s supporters needs to call Judge Lamberth and keep the pressure on them. All of these judges are criminals supporting the regime of Obama!
Somehow or other, amazingly, she keeps them thinking she still has work, even though, by the way, overall, the Birther Case Score now stands at 0-71.
Following up on this post, Republican Governor-elect Scott Walker of Wisconsin has doubled down on his intent to reject stimulus money for what would have been the state’s segment in the National High-Speed Railway system.
Governor-elect Scott Walker’s motto has been Wisconsin is open for business. Monday he restated that to Milwaukee business leaders. After that Walker told the media, Wisconsin is still closed to high-speed rail once he’s Governor on January 3rd. Walker says, “We had assumed all along we had been looking at several legal options to try to stop the train between now and January third.”
Walker has said he wants the 810 million dollars the federal government is giving Wisconsin for high-speed rail to be used for roads instead. If that can’t be done, Walker stands behind his position the train should be stopped. Walker said, “I’d rather have that go back to the federal government. What you’re going to see, particularly with the change in the house majority, you’re going to see them try to capture as much of that money as they can to deal with the federal deficit.”
Governor Doyle issued a statement Monday saying for high-speed rail to be successful the US Department of Transportation and Scott Walker have to agree. Doyle says, “It is my understanding that in the coming days the US Department of Transportation will reach out to Governor-elect Scott Walker about the project. If the Governor-elect decides that Wisconsin should not build new rail infrastructure, the US DOT has made it very clear this money will go to another state.”
Wisconsin Department of Transportation Secretary Frank Busalacchi issued the order stopping work, but hopes Wisconsin will keep its funding and its high-speed train.
The Doyle administration has already committed 14 million dollars to this project, which will have to be paid by the state taxpayer.
Tea Party/Republican Governor-elect Scott Walker is some kind of problem-solver, oh boy. Walker ran on the slogan, “Believe in Wisconsin Again,” and promised both 250,000 new jobs and to cancel the light rail project between Madison and Milwaukee, part of the Midwest leg, Chicago-St. Louis-Milwaukee-Minneapolis, planned for the National High-Speed Railway system. Walker also promised to cut taxes, natch, and balance the state budget, while returning the rail project stimulus money, $810M, to the Federal government.
Killing the train project means Wisconsin, where Republicans will have control of both houses of the Legislature come January, will be in the hole for up to $810M to the Feds, because there is no legal way to stop the trains and keep the money designated for the high speed rail project. Law suits forever would produce jobs for paralegals and court reporters, so deduct those from the 250,000 he’s promised to create, if Wisconsin doesn’t return the dough, but deduct the money it would cost Wisconsin, too, to engage in a protracted legal battle.
Without an act of Congress, however, federal rules would require the state to repay the federal government for any money already spent on the project and give up all the unspent money if the rail line doesn’t go forward. Doyle and his fellow Democrat, Barrett, have said Walker was misleading voters by suggesting Wisconsin could keep the federal money, instead of seeing it redistributed to other states’ rail projects.
Barrett repeated those comments Thursday. He said he saw no chance of the money being spent on Wisconsin roads if the train line is halted, and the best alternative to sending it to other states would be to use it to reduce the federal deficit.
Madison Mayor Dave Cieslewicz urged Walker to reconsider his position. Cieslewicz said he saw no chance of the money going to either roads or deficit reduction, adding, “It will go to another state … to create jobs there.”
The projected jobs from the rail system may be already on their way out of Wisconsin, because believing in Wisconsin again isn’t working out under the new Republican regime, which hasn’t even taken office yet. Imagine what they can do once they are in! The state called a temporary halt to the work since the future of the project is in doubt, the Feds aren’t interested in a protracted dispute with Walker, and why waste money, anyhow, on something that is not going to result in Wisconsin’s part in the National High-Speed Railway system.
This caused Walker to begin back-peddling on his Tea Party promises, even as he says he intends to keep those promises.
Governor-elect Scott Walker reached out to a Milwaukee train manufacturer Friday, seeking to keep its operations in the state long-term as he advocates for stopping a passenger rail project involving the company.
“Governor-elect Walker is reaching out to leadership at Talgo to encourage them to stay in Wisconsin,” Walker spokeswoman Jill Bader said Friday.
A spokeswoman for Talgo, the U.S. unit of the Spanish firm Patentes Talgo, said that Walker told company officials that his decision to stop a proposed Madison-to-Milwaukee passenger rail line is “not final.”
Walker, a Republican, campaigned on an unambiguous promise to end the passenger rail line, funded with $810 million in federal stimulus money, which he has called a boondoggle. Bader said Walker was not backing away from that promise. …
That has thrown some doubt over jobs at Talgo, which is building two trains for an existing Milwaukee-to-Chicago rail service and had plans to build two more for the proposed Milwaukee-to-Madison line. The company has a site at the former Tower Automotive property.
It’s a pickle, all right. He wants to keep a company in Wisconsin for the jobs, but somehow expects the company to build its product in Wisconsin for a project he doesn’t want in Wisconsin, paid for by Federal funds he has said he will reject.
So Governor-elect Andrew Cuomo of New York says, hey, you don’t want the money, trains and jobs? Send that problem over here.
ALBANY, N.Y. — Gov.-elect Andrew Cuomo is asking the federal government to redirect $1.2 billion to New York for high-speed rail projects.
The Democrat is asking Transportation Secretary Ray LaHood to redirect the money to New York if the governors-elect in Ohio and Wisconsin continue with their promise to cancel the projects that were to be funded with the money.
Cuomo says high-speed rail could be the 21st century equivalent of the Erie Canal and New York is ready to spend the money now as a boost to the economy.
Cuomo says thousands of jobs would be created as well as a faster route across the state.
I didn’t know if I could love Andrew Cuomo as much as I loved his father, but I might. It’s doubtful he would get all of it, there are other states lined up for Wisconsin’s money, but this Democrat is looking out for his state’s long-term interest right off the bat, unlike that Republican in Wisconsin. Walker has also promised to strip down Medicare, which is starting to make a lot of people nervous and should. But when you get who you vote for, sometimes you suffer for it.
John Boehner Battling Faxes As Voters Demand Jobs
WASHINGTON (LALATE) – John Boehner is battling not Democrats but fax requests today. Voters are launching a fax-John Boehner campaign today asking “where the jobs are”. In the last half hour, Twitter has been dominated with re-tweets of voters asking Boehner to reveal job creation details, namely when jobs will come and where.
In the summer, John Boehner called upon Barack Obama to fire his economic advisers. While voters may have given Republicans control of the House on Tuesday, they are not given either party a honeymoon on solving the economy and unemployment. And while Boehner is expected to cut the Office of Congressional Ethics and make changes on earmarks, that in voters minds today has nothing to do with job creations.
Boehner said at a news conference yesterday, “it’s time for us to roll up our sleeves and get to work… I think that it’s a mandate for Washington to reduce the size of government and continue our fight for smaller, less costly and more accountable government.”
“Please join me in faxing John Boehner’s office 2 ask where the jobs are” states a twit-campaign today. Voters are hoping that their shift in the balance of power Tuesday will result in changes to current unemployment problems. As the Hill notes today, “Voters in the last three elections have been angry, leading to two Democratic waves and a GOP wave on Tuesday. To protect his majority, Boehner will need to convince voters that the Republican House is taking steps to fix the nation’s ailing economy.”
Voted against emergency unemployment benefit extension
John Adler, D-N.J.
Brian Baird, D-Wash.
Melissa Bean, D-Ill.
Marion Berry, Blue Dog-Ark.
Bobby Bright, Blue Dog-Ala.
Travis Childers, Blue Dog-Miss.
Jim Cooper, Blue Dog-Tenn.
Joe Donnelly, Blue Dog-Ind.
Stephanie Herseth Sandlin, Blue Dog-S.D.
Baron Hill, Blue Dog-Ind.
Frank Kratovil, Blue Dog-Md.
Betsy Markey, Blue Dog-Colo.
Jim Marshall, Blue Dog-Ga.
Walt Minnick, Blue Dog-Idaho
Glenn Nye, Blue Dog-Va.
Heath Shuler, Blue Dog-N.C.
These brave politicians bucked their free-spending, ultra-liberal party, and cast votes in favor of fiscal responsibility. And for their willingness to oppose Barack Obama’s liberal agenda, nearly all of them were rewarded with early (and ironic) retirement from public service.