Another disappointing GDP report = Real GDP: Still 0.8% below pre-recession levels

[mEDITate-OR:
not see that both Econbrowser & Calculated Risk...
have it backwards, and upside down...

What the first 2 graphs show U.S. is the same thing - we are NOT back to normal.
But, the devil is in the details - the next three charts.

The 3rd chart shows U.S. that over the last year - 4 Qs
consumption has gone up every Q
exports have gone down every Q
and imports have as well
construction - residential & non fixed investment - started up, but is now falling, again
inventories also started up, but are now falling again.
and
government transfer payments - UI, SS, Medicare/aid - went up every Q
conclusion = GDP going down.

The 4th graph is for real personal income less transfer payments

Real personal income less transfer payments is still 5.5% below the pre-recession peak. Much of the growth in PCE over the last year has come from transfer payments - this includes people taking Social Security early, extended unemployment benefits, and other assistance programs

The 5th graph is  employment.

Payroll employment is still 5.6% below the pre-recession peak.

And with below trend GDP growth, payroll employment growth will likely remain sluggish
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What the mainstream media and biz reporters tell you about are the "gross" numbers...
(no pun intended)
and speculate, like the stock market, about why.
What Econbrowser and CR show U.S. is what really is going on down under there.
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=====    Now, for something very different

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The 4th graph is for real personal income less transfer payments (also released today for Q3 as part of the GDP report).
Real personal income less transfer payments is still 5.5% below the pre-recession peak. Much of the growth in PCE over the last year has come from transfer payments - this includes people taking Social Security early, extended unemployment benefits, and other assistance programs - and it will be some time before this indicator returns to pre-recession levels.

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The final graph is for employment. This is similar to the graph I post every month comparing percent payroll jobs lost in several recessions.
Payroll employment is still 5.6% below the pre-recession peak. And with below trend GDP growth, payroll employment growth will likely remain sluggish

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Real GDP: Still 0.8% below pre-recession levels
http://www.calculatedriskblog.com/2010/10/real-gdp-still-08-below-pre-recession.html
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Another disappointing GDP report
http://www.econbrowser.com/archives/2010/10/another_disappo.html
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