{"id":34726,"date":"2009-10-29T09:30:38","date_gmt":"2009-10-29T13:30:38","guid":{"rendered":"5829 at http:\/\/www.whitehouse.gov"},"modified":"2009-10-29T09:30:38","modified_gmt":"2009-10-29T13:30:38","slug":"on-todays-gdp-numbers","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/34726","title":{"rendered":"On Today&#39;s GDP Numbers"},"content":{"rendered":"<p>Data released today by the Commerce Department show that real GDP grew at an annual rate of 3.5 percent in the third quarter of the year.&nbsp; This is in stark contrast to the decline of 6.4 percent annual rate just two quarters ago.&nbsp; Indeed, the two-quarter swing in the rate of growth of 9.9 percentage points was the largest since 1980.&nbsp; Analysis by both the Council of Economic Advisers and a wide range of private and public-sector forecasters indicates that the American Recovery and Reinvestment Act of 2009 contributed between 3 and 4 percentage points to real GDP growth in the third quarter.&nbsp; This suggests that in the absence of the Recovery Act, real GDP would have risen little, if at all, this past quarter.<\/p>\n<p>After four consecutive quarters of decline, positive GDP growth is an encouraging sign that the U.S. economy is moving in the right direction.&nbsp; However, this welcome milestone is just another step, and we still have a long road to travel until the economy is fully recovered.&nbsp; The turnaround in crucial labor market indicators, such as employment and the unemployment rate, typically occurs after the turnaround in GDP.&nbsp; And it will take sustained, robust GDP growth to bring the unemployment rate down substantially.&nbsp; Such a decline in unemployment is, of course, what we are all working to achieve.<\/p>\n<p><img decoding=\"async\" alt=\"Bar chart showing that Real GDP Growth stands at 3.5 percent in the third quarter of 2009, a marked increase after four quarters of decline. \" src=\"http:\/\/www.whitehouse.gov\/files\/images\/cea-09q3-realGDP.jpg\" \/><\/p>\n<p>Christina Romer is Chair of the Council of Economic Advisers<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Data released today by the Commerce Department show that real GDP grew at an annual rate of 3.5 percent in the third quarter of the year.&nbsp; This is in stark contrast to the decline of 6.4 percent annual rate just two quarters ago.&nbsp; Indeed, the two-quarter swing in the rate of growth of 9.9 percentage [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-34726","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/34726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=34726"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/34726\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=34726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=34726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=34726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}