St Louis Mortgage Broker: Economy Makes Small Improvements
St Louis Mortgage and Real Estate News –
St Louis Finance and Loan Audit News: The Economy Is Slowly "Muddling Along"
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
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The Commerce Department said today that the economy expanded at a 2 percent annual rate in the July-September quarter.
It marked an improvement from the feeble 1.7 percent growth in the April-June quarter according to St Louis mortgage brokers. Consumers helped boost last quarter's economic growth with 2.6 percent growth in spending.
That was better than the second quarter's 2.2 percent growth rate and marked the biggest quarterly increase since a 4.1 percent gain at the end of 2006 before the recession hit, but quite pathetic historically.
"We're just muddling along," said Ken Mayland, president of ClearView Economics.
He goes on to say: "I think it is going to be hard to break out of this sluggish-growth rut."
With consumers spending more, they socked less into their savings.
They saved 5.5 percent of their disposable income in the July-September quarter, down from 5.5 percent in the April-June quarter. That's still a high savings rate.
Before the recession, people saved only about 1 percent of their disposable income. Growth in the October-December quarter isn't expected to improve much.
A new AP Economy survey estimates a 2.4 percent pace.
Many predicted that the 2010 economy would end on a weaker footing than it started and it did.
In the January-March quarter, the economy expanded at a 3.7 percent pace.
Under one rule of thumb, the economy would need to expand by 5 percent for a full year to knock the unemployment rate down by a full percentage point.
For all of this year, the economy is expected to grow 2.6 percent.
That would mark an improvement from 2009. The gross domestic product shrank that year by an equal amount, the largest annual decline since 1946.
GDP measures the values of all goods and services from machinery to manicures produced in the United States.
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