GDP report for third quarter indicates strengthened economy: CEI analysis

Photo Credit: Getty

The GDP report for the third quarter of 2024 shows 2.8 percent growth, indicating a rapidly growing and healthy economy. While there is still room for improvement, CEI senior economist Ryan Young says everyday Americans are continuing to overcome unnecessary barriers to economic success.

“More than half of the country thinks we are in a recession right now. We are not. Not only is the economy not shrinking, it’s growing faster than normal. Average GDP growth is about 2 percent. We are currently at 2.8 percent, after 3 percent growth in the second quarter.

“Other indicators are also healthy. Any unemployment rate under 5 percent is pretty good; we are at 4.1 percent. Inflation is under 3 percent. That’s still above the 2 percent target, but it isn’t going back to its 9 percent post-pandemic peak anytime soon.

“There is always room for improvement in the economy. There will always be people struggling to make ends meet. That’s true even in boom times. The economy is in good shape right now. Don’t let doomsayers tell you otherwise.

“At the same time, don’t let politicians from either party take the credit. That belongs to the entrepreneurs and everyday people who find ways to overcome the barriers both parties put in their way.”