"Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.7% annual pace last quarter, up from 2.8% in the April-June period. Exports also contributed to the third quarter's growth, increasing at an 8.9% rate.
On the other hand, growth in business investment slowed sharply on a drop in investment in housing and in nonresidential buildings such as offices and warehouses. But spending on equipment surged."
"Within the GDP data, a category that measures the economy's underlying strength rose at a solid 3.2% annual rate from July through September, up from 2.7% in the April-June quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending."
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"The proportion of consumers who expect a recession in the next 12 months dropped to its lowest point since the board first posed that question in July 2022.
At the same time, the nation's once-sizzling job market has lost some momentum. On Tuesday, the government reported that the number of job openings in the United States fell in September to its lowest level since January 2021. And employers have added an average of 200,000 jobs a month so far this year " a healthy number but down from a record 604,000 in 2021 as the economy rebounded from the pandemic recession, 377,000 in 2022 and 251,000 in 2023."
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"At its most recent meeting last month, the Fed was satisfied enough with its progress against inflation " and concerned enough by the slowing job market " to slash its benchmark rate by a hefty half percentage point, its first and largest rate cut in more than four years. When it meets next week, the Fed is expected to announce another rate cut, this one by a more typical quarter-point.
The central bank's policymakers have also signaled that they expect to cut their key rate again at their final two meetings this year, in November and December. And they envision four more rate cuts in 2025 and two in 2026. The cumulative result of the Fed's rate cuts, over time, will likely be lower borrowing rates for consumers and businesses."
So, by lumping "consumer spending" with "private investment" you have the GDP. Those two contributors should be quantified independently, because dividend re-investments and stock buybacks should not be considered "consumer spending". I'm probably misunderstanding this entire scenario.
According to Michael Moore 72% of Americans do not own guns.
So who is Trump calling upon?