LARGO, Fla. (WFTS) — Economists are celebrating right now. The U.S. Bureau of Economic Analysis says our economy grew by 2.8% in the third quarter, and inflation has fallen.
Economists say this is a rare occasion known as a soft landing— when inflation falls without a recession.
But while economists celebrate, what do the people in Tampa Bay think?
"They're lying to us. They've been lying to us this whole administration," said Darla.
"I think the soft landing is more for the stock market and bigger people and all of that, which is good. I mean, it didn't land hard so that's better than it probably could have been but it's a tough economy for younger people particularly," said Larry Cann.
"We may have a soft landing but it must be somewhere else," said Jerry Conrad.
Economists say the growth is because spending is at the highest level it has been since January.
Following back-to-back hurricanes, many in Florida are spending a lot of time trying to put their lives back together.
"We just flooded. I don't know where we're going to land. Everything we're buying is very expensive. I mean, if you go out to eat, even fast food, I mean, you spend a bunch of money," Conrad said.
"Look around. You can't buy a house. People are living paycheck to paycheck. Multiple jobs. If they think is a great economy, they're blind," Darla added.
But that same report says even on a personal level, personal income, disposable income, and personal savings all increased; though not as much as the second quarter of the year.
Current-dollar personal income increased by $221.3 billion in the third quarter, compared with an increase of $315.7 billion in the second quarter. The increase primarily reflected an increase in compensation (table 8).
Disposable personal income increased $166.0 billion, or 3.1 percent, in the third quarter, compared with an increase of $260.4 billion, or 5.0 percent, in the second quarter. Real disposable personal income increased 1.6 percent, compared with an increase of 2.4 percent.
Personal savings was $1.04 trillion in the third quarter, compared with $1.13 trillion in the second quarter. The personal saving rate—personal saving as a percentage of disposable personal income—was 4.8 percent in the third quarter, compared with 5.2 percent in the second quarter.
Some see this as a sign in the right direction.
"I think it will correct. It always does," said Cann. "I think it could have been worse. I thought it would have. But like I said, it's hard enough."
Others believe it's all smoke in mirrors.
"I think they're just manipulating the whole thing to make themselves look good. I don't see that on the level that I live at that that's really reality," Conrad said.
“Six grand out of my pocket”
In August, we reported how a man bought two used Volvos from the same Hillsborough used car dealership and found both cars had non-functioning airbags and seatbelts. Now, I-Team investigator Adam Walser tracked the new owner and arranged for a mechanic to see if the safety equipment was properly repaired before it was resold.
