California's 4.5% economic growth was middling in third quarter

"California's economic growth hit its fastest pace in a little more than two years but on a national scale, it was just a middle-of-the-pack performance. My trusty spreadsheet reviewed the third quarter report from the Bureau of Economic Analysis on state gross domestic product a broad yardstick of business output. It's an inflation-adjusted measurement of the value of goods and services produced. Annual growth rates are a benchmark for comparing the progress of various economies."

"The best performers for the third quarter were in the middle of the nation: Kansas at 6.5%, South Dakota at 6.3%, and Arkansas at 5.8%. The worst states for GDP growth were a mixed group: North Dakota at 0.4%, the District of Columbia at 1.3%, and Minnesota at 2.7%. So why might you be reading about this economic expansion and think, But my checkbook doesn't feel this growth?"

California's GDP grew 4.5% annualized in the three months ended in September, the fastest pace since the second quarter of 2023. National GDP grew 4.4% in the same period, the fastest pace since the fourth quarter of 2023. California ranked 25th among states despite outpacing Texas (4.2%, ranked 32) and Florida (3.5%, ranked 42). Top state performers were Kansas (6.5%), South Dakota (6.3%), and Arkansas (5.8%). Weakest performers included North Dakota (0.4%), the District of Columbia (1.3%), and Minnesota (2.7%). GDP is an inflation-adjusted measure of goods and services produced and may not reflect individual financial experiences, as shown by a five-year low in California consumer confidence in January.

Read at www.ocregister.com