Economic Numbers Defy Expectations
Data released late last week continued a string of positive indicators about the U.S. economy. Figures released by the Department of Commerce showed that gross domestic product (GDP) grew by 4.9 percent in the third quarter, easily surpassing economic projections. Indeed, many pundits expected that the country would soon enter an economic recession due to historic inflation. The U.S. economy grew at the fastest rate since 2021 despite persistent high interest rate hikes from the Federal Reserve. Analysts attribute the level of economic growth to a strong job market and high consumer spending.
Does Treasury Secretary Yellen expect the economy will continue to grow?
Instructors: click the link below to download this week’s lecture for use in your classroom. The deck contains a writing prompt and a debate question as well as other assessment questions.
Download: CQP_Lecture_Spark_PPT_Economic Numbers Defy Expectations
Videos
News Articles
The US economy is growing at the fastest pace in 2 years
Business Insider
10/26/23
US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
Associated Press
5 things to know about a stunning week for the economy
NPR
10/28/23
This week in Bidenomics: More good news for voters to dismiss
Yahoo Finance
10/27/23
The US economy is growing at the fastest pace in 2 years
Business Insider
10/26/23
US economic growth accelerated to strong 4.9% rate last quarter as consumers shrugged off Fed hikes
Associated Press
5 things to know about a stunning week for the economy
NPR
10/28/23
This week in Bidenomics: More good news for voters to dismiss
Yahoo Finance
10/27/23
Assessment
Writing: Explain why so many economists predicted an economic recession in the United States. Do economists still believe that a recession is imminent in the United States?
Debate: How much credit does President Biden for the positive economic indicators?
Poll: Have the recent economic figures proved that the U.S. economy is recession proof?
Short Answer: What is the “soft landing” that the Federal Reserve hopes to achieve?
News Quiz
True/False
Fed Chair Jerome Powell said that he was still dissatisfied with inflation and that interest rate hikes would continue. (T/F)
Gas and food prices have proved volatile and driven high core inflation. (T/F)
Economists attribute increases in consumer spending to the blockbuster tours by Beyonce and Taylor Swift, respectively. (T/F)
Multiple Choice
What is the current short-term interest rate set by the Federal Reserve?
- 2.5 percent
- 5.4 percent
- 7.5 percent
- 10 percent
What name has President Biden used to brand his economic policies?
- Bidenomics
- Delaware Deficit Program
- Joe’s Job Program
- Scranton Stimulus
What is the growth rate that economists have predicted for the last quarter?
- 1.5 percent
- 2.5 percent
- 5 percent
- 7.5 percent
