Today the market is cheering over what is actually an ugly report.
A misguided Cash-for-Clunkers added a one-time contribution of 1.66 percentage points to GDP. Auto sales have since collapsed so all the program did is move some demand forward.
Government spending increased at 7.9 percent in the third quarter which is certainly nothing to cheer about.
Personal income decreased $15.5 billion (0.5 percent), while real disposable personal income decreased 3.4 percent, in contrast to an increase of 3.8 percent last quarter. Those are horrible numbers. (more)
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