Millennials, the GDP & the Fate of Newspapers. James @McTagueJ. Barron’s.

Oct 29, 2016, 03:48 AM

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Millennials, the GDP & the Fate of Newspapers. James @McTagueJ. Barron’s.

“…Gross domestic product, the value of all goods and services produced, climbed at a 2.9 percent annualized rate in the July-through-September period following a 1.4 percent gain the prior quarter, the Commerce Department reported Friday. Beneath the sunny headline figure was more of a mixed picture: Household spending actually slowed more than expected, while inventory rebuilding and a soybean-related jump in exports powered the rebound.

The latest assessment has something for everyone in the days before Fed policy makers meet and Americans cast their votes for a new president. Republican nominee Donald Trump’s campaign said the results were “dismal” and underscored the need for change; an adviser to Democrat Hillary Clinton countered the nation has made “real progress” in recent years. Economists and investors judged that the numbers were good enough to keep the central bank on track to raise rates this year. “There are pluses and minuses in the GDP report but I’d say there are definitely more pluses,” said Stuart Hoffman, chief economist at PNC Financial Services Group Inc. in Pittsburgh. “Growth is solid enough for the Fed to move ahead in December.” While the GDP increase was bigger than economists’ median forecast of 2.6 percent, the 2.1 percent pace of consumer-spending growth was 0.5 percentage point weaker than expected. Corporate investment in equipment declined for a fourth straight quarter, the longest such stretch of the current expansion.” http://www.bloomberg.com/news/articles/2016-10-28/growth-debate-left-unresolved-by-mixed-report-on-u-s-economy