This is what you printed:
"Journalists Robin Toner, and Kate Zernike, writing for the New York Times, wrote about the newly elected Democrats, who, having won the majority of the Congress, will now have to produce, dealing with, among other things, "the loss of manufacturing jobs".
This is what I printed:
The Commerce Department’s advanced report on the economy showed that the GDP grew by a subdued 1.6 percent in the third quarter, the slowest quarterly pace in three and a half years. Coming on the heels of a 2.6 percent increase in the second quarter, this marks the second consecutive quarter of modest GDP growth.
The slumping housing sector, which declined at a seasonally adjusted annual rate of 17.4 percent in the third quarter quarter, slowed the economy by more than a percentage point. Following a string of three consecutive quarterly declines, residential investment removed 1.12 percentage points from GDP last quarter. This is the biggest negative contribution to economic growth from housing since the fourth quarter of 1981.
Outside of housing, the status of the economy is encouraging. Excluding residential investment, the economy grew by 2.7 percent in the third quarter, nearly identical to the 2.8 percent average pace so far during this recovery. Consumer spending (increasing 3.1%), business fixed investment (8.6%), and goods exports (10%) all accelerated last quarter. With three of the four pillars of the expansion remaining firm, the foundation for continued growth going forward is solid.
Over the past 4 quarters, 8% growth in business investment and 11% growth in goods exports have counted the 7.7% decine in housing. This has been good for manufacturers, who account for nearly two-thirds of U.S. exports and manufacture capital goods. Continued strong growth in these areas is one of the primary reasons why manufacturing output has risen by 6.2 percent over the past year, or more than double 2.9 percent the pace of overall economy. |