Welcome to the Jill on Money Podcast. It is Friday, October 30th, and as expected, we got a just

ginormous GDP report. The economy expanded at a 33.1%

annualized pay.

So that really calculates to a 7.4% quarterly increase.

Now, you know how the math works, gang?

We had a 5% contraction in the first quarter.

Again, these are annualized numbers.

Then a 31.4% contraction in the second quarter.

Now we get this big 33% up and you know what that means?

The economy is still 3.5% smaller than it was at the end of last year. So that tells you we still got a ways to go.

You know, that's a big number. All right, other things that are noticeable.

Companies spent money, people spent money,

personal savings rate as a percentage of disposable income.

Down, down by a lot.

It was down to 15.8% in the third quarter off from 25.7% in the previous

quarter and what that tells me is essentially is the government assistance, whether it was a stimulus check,

extra unemployment benefits, whatever, as that started to dry up at the end of July what happened people had less money to save

that's very difficult to calculate in terms of like going forward and how this

manage how this will impact the economy I think it's not great

news for people who are out of work they did probably try to beef up their emergency

reserve like they should but until we get another stimulus, and I hope we do at some

point, that is pretty much about as good as it's going to get in terms of the savings rate.

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