The WSJ details:
The U.S. economy expanded less than thought during the third quarter as consumer spending fell short of an earlier estimate, though signs point to stronger growth in the final months of the year. Gross domestic product, the broadest measure of all the goods and services produced in an economy, grew at an inflation-adjusted annual rate of 1.8% in the July to September period.The revisions cause?
The latest estimate showed personal consumption expenditure, which accounts for about two-thirds of spending in the economy, rose by 1.7% in the third quarter. That compares to a previous estimate of a 2.3% increase.
Source: BEA
I believe that the reason that we are having many of the problems that we have today is simply because everyone decided years ago that the united states could have an economy based on financial services professionals like financial planners insurance agents CPA'S just take a look around the corner of the town you live in and you will find the insurance agents office the financial services company or a financial services company renting space inside a bank selling mutual funds and annuities. The only problem with this picture is its reversed saving creates financial services businesses What we have is an industry that makes its money off of money by charging money to manage money. Instead of creating real jobs that create real wealth we have quite the reverse. And what does everyone see when they think of their children graduating from college. Someone sitting at a desk in some bank in front of a computer.
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