GDP 'Nowhere Near' 4.3%: Rosenberg Dismisses Q3 Report As 'Fugazi,' Pegs Real Growth At 0.8%
Bullish
66.7
While the U.S. Bureau of Economic Analysis (BEA) reported a robust 4.3% annual increase in third-quarter real gross domestic product (GDP) on Tuesday, economist David Rosenberg is calling the headline number a “fugazi.”
The ‘Fugazi’ Factor
The president of Rosenberg Research argues that underlying economic weakness is being masked by government spending and depleted savings, calculating “true” growth at a meager 0.8%.
The official BEA release shows widespread gains, with real GDP accelerating from 3.8% in the second quarter to 4.3% in the third. The increase was driven primarily by consumer spending, exports, and government spending.
However, Rosenberg contends these figures are misleading. “If you think the CPI data was manipulated, so was today's GDP report,” Rosenberg stated on X.
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The ‘Fugazi’ Factor
The president of Rosenberg Research argues that underlying economic weakness is being masked by government spending and depleted savings, calculating “true” growth at a meager 0.8%.
The official BEA release shows widespread gains, with real GDP accelerating from 3.8% in the second quarter to 4.3% in the third. The increase was driven primarily by consumer spending, exports, and government spending.
However, Rosenberg contends these figures are misleading. “If you think the CPI data was manipulated, so was today's GDP report,” Rosenberg stated on X.
He ar
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