New Economic Numbers Point to ‘Super-V’ Recovery, September Retail Sales Almost Triple Forecast
Amazing economic resilience in the age of Trump!
This is what happens when economic policy has been geared towards the benefit of the people for four years rather than for the exclusive benefit of multinational corporations, foreign interests, and international bankers.
Consumers spent at a much faster pace than expected in September, with retail sales rising 1.9%. Retail sales had been forecast to grow at 0.7%.
The nearly three-fold growth is an indicator that the economy has rebounded from the pandemic shutdown with astounding speed.
Year-over-year retail sales, September 2020 compared to September 2019, jumped a whopping 5.4 percent.
Think about what that means. Consumer spending was 5.4% higher in September 2020, than consumer spending was before COVID-19 hit the U.S. economy.
The significance of these numbers can’t be overstated as two-thirds of U.S. GDP is driven by retail sales and consumer spending.
The stunningly good health of the U.S. economy is what is allowing President Trump to play hardball blocking House Speaker Nancy Pelosi’s attempt to hold Americans hostage in return for blue state bailouts in exchange for further stimulus.
While some additional, narrowly targeted recovery spending would further fuel the recovery; it’s now clear that a massive spending package, that would have to be paid for down the line, is no longer needed to ensure economic recovery.
Keep in mind that these are national numbers with many still-shuttered, blue state economies pulling down the final stats.
Think about that. We’re in the middle of a pandemic and yet only 32 percent say they are worse off than they were four years ago. Fox News’ Laura Ingraham noted that is, “the highest Gallup has ever recorded.”
It appears that more good news is on the way…
The Atlanta Fed’s GDPNow tracker is pointing to a 35.2% increase in third quarter GDP growth… more than double any single-quarter growth since post WWII.
Trump… We never get tired of winning!
The post New Economic Numbers Point to ‘Super-V’ Recovery, September Retail Sales Almost Triple Forecast appeared first on Illicit Info.