U.S. economy exits recession in Q3 after record exports to Europe, government spending

All it took for the U.S. economy to come out of a brief recession was to send a record amount of oil, gas, and weapons to Europe amid a crisis.

Nice.

So, in the third quarter, the GDP growth rate came in at 2.6 percent, topping the market estimate of 2.4 percent, according to the Bureau of Economic Analysis (BEA). This is up from the previous prints of -0.6 percent and -1.6 percent.

What made the report a fascinating read was that net trade contributed to 2.77 percent of the reading. Or, put another way, 108 percent.

Here is what happened in the July-to-September period besides exports:

• Personal consumption fell 0.97 percent.
• Fixed investment dropped 0.89 percent.
• Private inventories slipped 0.7 percent.
• Government consumption picked up 0.42 percent.

In the end, the economy survived by bailing out Europe and politicians wasting taxpayer dollars.

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