‘Poised to Take Off’ Is the New ‘Recovery Summer’

The Washington Examiner:

During a Bloomberg News interview this afternoon, President Obama signaled that the American economy was ready to “take off” provided Congress didn’t lead the nation into another fight about the nation’s debt limit. . . .

“I think that businesses are going to be ready to hire, we’re seeing pretty strong consumer confidence despite weaknesses in Europe and even in Asia,” Obama stated. “I think America is poised to take off.”

Looking through the financial section:

Goldman Sachs is projecting a 1 percent growth rate for the U.S. gross domestic product in the fourth quarter.

Corporate profits hit an all-time high, while wages for workers hit an all-time low as a percentage of GDP.

AP:

Citigroup on Wednesday announced plans to cut 11,000 jobs and close branches in a restructuring effort that will result in a fourth-quarter charge of about $1.1 billion.

The housing market:

Nearly two-thirds of the nation’s housing markets will see price declines for the year through next June, according to analytics firm Fiserv (FISV). Overall, the gains will be just 0.3%.

And then the upcoming jobs report . . .

Don’t look to the November jobs report for merry news this Friday.

The highly anticipated report is likely to show a weak month of jobs growth, skewed dramatically by temporary effects from Superstorm Sandy.

Economists surveyed by CNNMoney predict the Labor Department report will show the U.S. economy added only 77,000 jobs in November, a steep drop from the 171,000 jobs created a month earlier.

“Poised to take off” is the new “Recovery Summer.”

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