News for hackers. Stuff that matters.

A comment on US Gross Domestic Product, Second Quarter 2022 (Advance Estimate). Parent comment

Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by duped on Thursday July 28, 2022 @10:49AM (#32265099)
> and imply that the economy is doing really well right now is actually scary.

We're not seeing a decline in employment or spending. The really bad symptoms of a bad economy aren't there yet.

> Gas if still $4.2 national average per gallon. That's HUGE, and the direct actions of the administration are to blame for this.

Which direct actions? And frankly, gasoline prices do not amount to a signficant amount of spending by American families. Food and housing costs are also up and wages down (adjusted for inflation) which account for a lot more money that people actually spend than energy. However gasoline prices are also way down from a month ago, yet food/rent are still up.

[ Parent | on HN ]
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by nightski on Thursday July 28, 2022 @10:57AM (#32265218)
It's been suggested the employment is because people are being forced to take on multiple jobs to make ends meet, not because there are more people getting jobs.

Gas affects the prices of nearly everything in the economy so I have no idea how you would conclude it's not a large portion of spending. I work in commodities and we are seeing massive price increases simply due to fuel & freight costs.

[ Parent | on HN ]
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by dazhengca on Thursday July 28, 2022 @12:01PM (#32266158)
https://fred.stlouisfed.org/series/LNS12026620

https://fred.stlouisfed.org/series/U6RATE

That doesn’t appear to be the cae

[ Parent | on HN ]
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by nightski on Saturday July 30, 2022 @02:22PM (#32289059)
This is good data, but I am guessing it does not take into account the gig economy which I wonder what the effect of that is.
[ Parent | on HN ]
Re:US Gross Domestic Product, Second Quarter 2022 (Advance E... by snikeris on Thursday July 28, 2022 @12:06PM (#32266248)
The government can stimulate employment by pumping money into its favored causes. So what you end up with is plenty of people employed but not producing things that people actually want. Unfortunately, we can't even imagine the wonders that people might have produced if their resources were instead allocated towards satisfying consumers.
[ Parent | on HN ]