The Economy Line: Fastest Growing Economy In 20 Years

George W. Bush ^ | July 7, 2004

[RWR8189]

Economy On Track For Fastest Growth In 20 Years.  "The economy appears headed for a banner year despite a springtime spike in energy prices and a recent increase in interest rates. In fact, many analysts are forecasting that the overall economy, as measured by the gross domestic product, will grow by 4.6 percent or better this year, the fastest in two decades. There were strong 4.5 percent growth rates in 1997 and 1999, when Bill Clinton was president and the country was in the midst of a record 10-year expansion. But if this year's growth ends up a bit faster than that, it will be the best since the economy roared ahead at a 7.2 percent rate in 1984, a year when another Republican president - Ronald Reagan - was running for re-election."  (Martin Crutsinger, "Economy At Midyear On Track For Best Growth In Two Decades," The Associated Press, 7/7/04)

Consumer Confidence Hits Five Month High.  "Consumer confidence got a huge boost last week, reaching a five-month high, a level not seen since February, according to a survey released Tuesday. The ABC/Money magazine consumer comfort index rose 3 points to -8 in the week ended July 4, up from -11 a week earlier. The index has risen 12 points in the past 3 weeks. The index now stands at its best level since early February and near its average of -9 since the survey started in December 1985."  ("Poll: Confidence At 5-Month High," CNN/Money, http://money.cnn.com/2004/07/06/news/economy/abc_money/, 7/6/04)

Executives Expect To Increase Employment.  "Executives at many large U.S. companies expect to increase hiring, a survey found.  The National Association for Business Economics said its quarterly survey on business conditions showed that 41% of the respondents expect their companies to increase employment over the next six months, up from 34% three months earlier. In the latest survey, conducted between June 8 and 23, 45% foresaw no change in employment and 14% expected decreases through attrition or layoffs."  (James R. Hagerty, "Executives at Many U.S. Firms Expect to Increase Employment," The Wall Street Journal, 7/7/04)

Executives Report Rising Demand For Goods And Services.  "The survey also found that 61% of respondents reported rising demand for goods and services in the second quarter, while 30% reported that demand was unchanged and 9% that it was falling. The responses on demand were the strongest in seven years, the association said. It also reported that respondents were bullish on profit margins and capital spending plans, though their raw material costs continued to rise."  (James R. Hagerty, "Executives at Many U.S. Firms Expect to Increase Employment," The Wall Street Journal, 7/7/04)

Second Quarter Profits Lift Corporate Optimism.  "A higher percentage of U.S. companies saw profit margins widen last quarter, making businesses 'upbeat' about the rest of the year, according to a survey by the National Association for Business Economics. Forty-one percent of the 104 companies responding said they plan to increase hiring in the next six months, up from 34 percent in April, the quarterly survey found. In addition, 61 percent expect to boost capital spending during the next year, up from 53 percent in the previous survey released in April."  ("U.S. Companies' 2nd-Qtr Profits Lift Optimism, NABE Survey Says," Bloomberg, 7/7/04)

Chain Store Sales Post Gains in Week.  "U.S. chain store sales recovered some ground in the latest week, as shoppers stocked up on goods ahead of the Independence Day weekend, a report said on Tuesday.  Sales nudged up 0.9 percent in the week ended July 3, up from the 1.2 percent decrease in the previous week, the International Council of Shopping Centers and UBS said in a joint report. Compared with the same week a year ago, sales increased 4.4 percent, slightly above the 4.2 percent growth pace of the preceding week."  ("Chain Store Sales Post Gains in Week," Reuters, 7/7/04)

[BipolarBob]

I blame Bush! It's those darn tax incentives. Woe is sKerry if he can't sell gloom-and-doom.

[Paleo Conservative]

"The economy appears headed for a banner year despite a springtime spike in energy prices and a recent increase in interest rates.

One of the fastest ways to cripple the economy would be to slap on price controls and use regulations on petroleum as was done in the 1970s under Nixon, Ford, and Carter. It's better and more efficient to let consumers adjust to market forces than interfere with prices and play favorites via regulations.

[Arrowhead1952]

TDIDS and F'ing kerry is running his campaign on a bad economy - comparing this economy to the great depression. DUH?

[lelio]

The National Association for Business Economics said its quarterly survey on business conditions showed that 41% of the respondents expect their companies to increase employment over the next six months, up from 34% three months earlier.

What's was it a year, two, and three years ago?