GDP exceeds Wall Street forecasts

CNN ^ | 29/06/04 | Reuters

[dob]

WASHINGTON (Reuters) - Robust home building and stronger exports helped the economy expand at a faster-than-expected 3.8 percent annual rate in the first quarter, the Commerce Department said Wednesday as it revised its growth estimate up for a second straight time.

Initially, the department said gross domestic product -- the broadest measure of total economic activity within the nation's borders -- grew at a 3.1 percent rate in the first quarter, but it pushed that number up to 3.5 percent a month ago before finally revising it to match the 3.8 percent rate posted in the closing quarter of 2004.

The final figure outpaced Wall Street economists' forecasts for a 3.7 percent rate of first-quarter growth and implied the economy had more strength going into the spring than previously thought.

Most forecasters say GDP will continue expanding at rates around 3.5 percent in coming quarters, despite some strain from higher energy prices.

[dob]

It's Bush's fault! Oh, wait...

[xrp]

Hmm, imagine what it would be if oil wasn't near $60/barrel, rather $22-$28, OPEC's supposed "target price".

[fooman]

dog bites man.

[dob]

"dog bites man."

Not in Euroland, it isn't! ;)

[Mikey_1962]

Is it still the worst economy since the depression according to Kerry?

[The South Texan]

Harry Reid is deeply saddened.

[Hurricane Andrew]

We're all doomed, I tell ya' DOOMED!!!

[savedbygrace]

Doomed

[EQAndyBuzz]

"Harry Reid is deeply saddened."

We need someone to photoshop Reids head onto the Daschles body in that famous Atlas pose.

[fooman]

THe media would be raving if it were hitlery

[massgopguy]

I checked the Bureau of Labor and Statistics. The Unemployment rate is down to 5.1%. That was on the NBC Nightly News last night, right?

[borkrules]

That was on the NBC Nightly News last night, right?

Thanks for the laugh!

[Willie Green]

The economy is like a whoopie cushion that's being continuously inflated by federal deficit spending.
Taxpayers are being buried deeper in debt while money hemorrhages out of our economy as record level Trade Deficits and offshore investment.
Passage of CAFTA will help accelerate this Race to the Bottom.

[steveegg]

OPEC changed their target price (actually a target price average, several dollars less than the trade price of light sweet crude in NYC) to $40-45 a while back.

[Recovering_Democrat]

Tom Daschle is saddened, deeply saddened!

[OldFriend]

Are you still here?

[steveegg]

Methinks Dashole is beyond mere sadness.

[Skylab]

As certainly as a man predicts ill, he becomes inclined to wish it. The pride of having his judgment right hardens his heart, till at last he beholds with satisfaction, or sees with disappointment, the accomplishment or the failure of his predictions.

[Willie Green]

Are you still here?

Well yeah, I suppose so.

[Mister Baredog]

It's Bush's fault! Oh, wait...

OR, put that story on page Z82, so no-one will see it unless they're looking for obituaries, LOL.