It’s great news. The economy in the third quarter grew at its best pace in two years thanks largely to the Obama stimulus. The economy grew at a 3.5 percent pace in the third quarter. Because of Republican NO/Nothing Party policies under the Bush adminstration the economy had shrunk 6.4 percent in the first quarter.
In the third quarter, consumer spending on big-ticket manufactured goods went up 22.3, the largest growth since 2001. Housing jumped 23.4, the biggest jump since 1986 and the first time since 2005 that spending on housing has been positive. All of this improvement can be traced directly to Democratic/Obama policies that were almost universally opposed by the Republican NO/Nothings.
The other good news is that there was a decline in the number of people claiming first time jobless benefits fell last month and the number of people continuing to claim unemployment insurance dropped 148,000.
Great job Democrats. Much remains to be done and the economy is going to continue to have bumps along the way to recovery but this is fantastic progress.