No doubt this is an impressive number. However, as Mike Shedlock points out, real gross domestic income (as opposed to real gross domestic product) rate of growth lags far behind, up just 1.5% in the third quarter. Something has got to give. Here's Shedlock's take:
Huge Discrepancy Between GDP +5.2 Percent and GDI +1.5 Percent Accelerates
Today the BEA revised its second estimate of third-quarter GDP from 4.9 percent to 5.2 percent. GDI is 1.5 percent but it is a measure of the same thing.
Mike Shedlock
There was also a huge discrepancy between our economy and some of our major trading partners in the third quarter as Danielle DiMartino Booth points out in this chart.
