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VRA Letter: Third Quarter GDP Soared 4.9% With Consumers Leading the Way. Hyman on Inflation. VRA Market Update; Semis and Tech. Fear Has Returned as We Enter Best Month of the Year.

VRA Letter: Third Quarter GDP Soared 4.9% With Consumers Leading the Way. Hyman on Inflation. VRA Market Update; Semis and Tech. Fear Has Returned as We Enter Best Month of the Year.   October 26, 2023 Good Thursday morning. Thir ...

Posted On October 26, 20234 MIN Read
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VRA Letter: Third Quarter GDP Soared 4.9% With Consumers Leading the Way. Hyman on Inflation. VRA Market Update; Semis and Tech. Fear Has Returned as We Enter Best Month of the Year.
 
October 26, 2023

Good Thursday morning. Third quarter GDP was reported this AM and showed blistering growth in the US economy of 4.9%, beating estimates of 4.5%. This is the strongest economic growth since Q4 2021 when growth was just shy of 7% (coronavirus insanity). Of note in the report, consumer spending rose 4% in Q3, soaring past Q2 consumer spending, which came in at just .8%.

For much of the past 1-2 years the vast majority of economists have been predicting that the economy would slow down and then officially enter a recession. Worse still, and as a reminder of just how horrible this Federal Reserve and Chair J Powell have been, just 3 months ago the Fed was predicting a “contraction" in economic growth for Q3.

The stunning rise in Q3 GDP stems from the extraordinary strength of...

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