It was the ninth straight quarter of growth exceeding 3 percent.
WE'RE DOOMED, I TELLS YA! DOOMED!
Posted on 07/29/2005 9:31:38 AM PDT by West Coast Conservative
The economy grew at an annual rate of 3.4 percent in the second quarter on the strength of consumer spending, investments and exports, the government reported today.
The report from the Commerce Department showed broad and sustained growth in areas like software, housing, car sales and government spending, with few signs of inflation. It was the ninth straight quarter of growth exceeding 3 percent.
As expected, the gross domestic product slowed from the first quarter when it increased by 3.8 percent. Economists were expecting second-quarter growth of 3.5 percent, and it appeared much of the shortfall was caused by businesses slowing production so they could work off large inventories of cars and other goods. The change in inventories subtracted 2.32 percentage points from the second-quarter growth figure.
Equipment and software sales soared, climbing 11 percent, and homebuilding grew at a brisk 9.8 percent pace, another indication that the hot housing market is playing a starring role in this economy. (Sales of new and existing homes both hit records in June.)
"It's kind of boring in a way, the economy is in great shape," said Bill Zadrozny, chief executive of Siemens Financial Services, which lends money to businesses for expansions and investments.
"There has been a lull of some sort but nothing unusual. This is typical of what happens going into the summer months," he added.
For the first time in a year and a half, the nation's trade balance contributed positively to the economy as exports rose and imports fell. Until now, imports have been rising faster than exports making trade, on balance, a drag on G.D.P.
(Excerpt) Read more at nytimes.com ...
"Worst economy since Hoover!"
Even the NYT is grudgingly starting to admit that that's wrong.
It was the ninth straight quarter of growth exceeding 3 percent.
WE'RE DOOMED, I TELLS YA! DOOMED!
But, but, but...
Rove, Enron, Social Security, Iraq er WATERGATE...
Wonder what the dems will say about a 9th straight quarter of 3% growth? Heh, heh...
Thank God, Kerry didn't win or we'd be hearing how the baffoon turned around the economy.
But but but her thighness was just in Aspen ridiculing the President for saying the economy was strong.
"Her Thighness," lol...that term could be used for 99% of the democrat women I know...
I bet you're talking about TherAYZah? Or is it sHrillary?
Needless to say, Mikulski comes to mind.
And of all places to give a speech about "bad" economy--Aspen!? Yeah, I bet a lot of downtrodden out-of-work factory workers attended. What is the phrase...Limousine...
Basia Mikulski is one scary woman.
It was typical of her low class status.
I continue to believe if she is the nominee in 08, we win BIG.
Proposed NY Times and Moveon.org slogans:
Worst economy in human history!!!
Worst economy since caveman days....
[oh, wait, that's what they're going back to in Cuba, Zimbabwe, Myanmar, and other commie paradise lands.....]
OK, how about:
Worst economy since 1837!!!!
I'll tell ya, Bush is a genius every time. They can't complain about the economy now (not saying they won't tho). Liberal losers!
Krugman must have been on vacation.
Still, business is booming for my company and we are working lots and lots of OT.
9 consecutive quarter of 3% or better GDP growth, not since 1986 has this happened and it never happened during the Clinton adminstration
The economy under Clinton was very inconsistent from quarter to quarter.
One quarter we'd have 6-7% GDP growth, the next 2%, then back to 5%...it was a sign that businesses couldnt gauge demand in the economy properly
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