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Fastest Growth in 2 Decades in '03 Last Half [From NYT Business Section and Bloomberg News]
The NYT ^ | March 26, 2004 | Bloomberg News

Posted on 03/26/2004 2:41:48 PM PST by summer

NY Times.com > Business

Fastest Growth in 2 Decades in '03 Last Half

By Bloomberg News
Published: March 26, 2004

The economy grew at a 4.1 percent annual pace in the fourth quarter of 2003, the Commerce Department reported yesterday, and corporate profit increased, though at a slower pace than in previous periods.

The reading on growth, unchanged from the government's earlier estimates, came after growth at an 8.2 percent pace in the third quarter, and resulted in the fastest six-month growth in almost 20 years, the report said. It included a revision showing that consumer spending grew more than previously estimated.

In another report, the Labor Department said that the number of Americans filing initial claims for jobless benefits edged up by 1,000, to 339,000 last week, remaining near a three-year low.

The number of people continuing to collect state jobless benefits dropped to 3 million in the week ended March 13 from 3.05 million a week earlier. The figure was the lowest since July 2001.

"There's going to be a period of more rapid employment growth that will likely go on for some time," William Poole, president of the Federal Reserve Bank of St. Louis, told reporters before giving a speech in Memphis.

Corporate profit rose last quarter for a third consecutive period, the Commerce Department said, up 31 percent compared with the fourth quarter of 2002. Profit after taxes and adjusted for the value of inventories and capital depreciation increased 7.6 percent, to $961.9 billion at an annual pace. Corporate profit had risen at a 10.1 percent pace in the third quarter and 13.8 percent in the second quarter.

Consumer spending, which accounts for most of the economy, grew at a 3.2 percent annual pace last quarter, faster than the 2.7 percent previously reported.

Separately, data showed that resales of single-family houses climbed 2 percent in February. The increase brought the annual pace of such sales to 6.12 million houses in February from 6 million in January, the National Association of Realtors said. Home purchases have run at six million or higher for eight consecutive months.

"It's going to be another really strong year in 2004," said Jacob Stepan, chief operating officer of the Century 21 Real Estate Corporation. "With the interest rates as low as they are, it's allowing people to buy houses they weren't able to in the past. The entire economy is on the rebound, and real estate is a key component of that."


TOPICS: Business/Economy; Front Page News; News/Current Events; US: Florida
KEYWORDS: bushrecovery; economy; gw
Well, I think this is great economic news here! (Hoping for an upbeat GW/GOP commercial about it...hint...hint...)

However, as I read a hard copy of the NYT, I noticed it was buried in the NYT Business Section (not appearing on the front page or anything). And, on the NYT web site, it was not even listed in the selection of business headlines. (You currently REALLY have to hunt to find this article online!)

BTW, if you're in hi tech and looking for hi tech work in FL, check out this site from the State of FL: CLICK HERE.
1 posted on 03/26/2004 2:41:49 PM PST by summer
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To: summer
Tom Daschle and the rest of the leftists are Deeply SaddenedTM.
2 posted on 03/26/2004 2:42:40 PM PST by mvpel (Michael Pelletier)
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To: mvpel
Maybe that's why it's so hard to find this article in the NYT.
3 posted on 03/26/2004 2:43:44 PM PST by summer
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To: mvpel
Is anybody listening to Sean. There is debate going on this liberal guy Leny (sp?) better stop talking for he makes fool of himself.
4 posted on 03/26/2004 2:46:06 PM PST by bogdanPolska12
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To: summer
great economic news here! (Hoping for an upbeat GW/GOP commercial about it...

For them that has to keep in touch with reality, this is not new.  As for the bush bashers, we'll either be hearing about a jobless-outsourced recovery until after the election, or they'll be hollering more and more about debt or some such thing.

But given the fact that generally Americans and reality get along so well, I'm optimistic.

5 posted on 03/26/2004 3:10:11 PM PST by expat_panama
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To: expat_panama
I just think "fastest growth in 2 deacades" sure sounds like GW is doing OK on the economy issue. Pundits always make it sound like it's a losing issue for him, but I don't think it is.
6 posted on 03/26/2004 3:12:07 PM PST by summer
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To: summer
You're absolutely right, the world is rarely as doomed as it seems in the news.
7 posted on 03/26/2004 3:27:59 PM PST by expat_panama
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To: summer
For those 95% of us who have jobs, this kind of economic report should be considered terrific news.
8 posted on 03/26/2004 3:29:40 PM PST by My2Cents ("Well...there you go again.")
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To: expat_panama
LOL... :)
9 posted on 03/26/2004 3:29:50 PM PST by summer
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