Enuff to make you puke?
Posted on 05/25/2006 1:07:54 PM PDT by MooseMan
Economy Zooms in 1st Quarter, but Slower Housing Market, High Energy Costs May Put a Crimp in It
WASHINGTON (AP) -- The economy showed even more pep than initially thought in the first quarter, zipping ahead at a 5.3 percent pace. But a less energetic housing market and high energy prices are now taking out some of the oomph.
"I think we sort of had the last hurrah for the economy for a while," said Nariman Behravesh, chief economist at Global Insight. "We aren't going to see this kind of growth for a bit. We will see softening in the economy, but there's no reason to be pessimistic."
The figure released by the Commerce Department Thursday showed gross domestic product during the January-to-March quarter surpassing the 4.8 percent annual rate estimated a month ago. It marked the strongest growth spurt in 2 1/2 years. The upgrade mostly reflected stronger U.S. exports and better inventory building by businesses.
GDP, which measures the value of all goods and services produced within the United States, totaled $11.39 trillion in the first quarter when annualized and adjusted for inflation.
President Bush, coping with his lowest job-approval ratings, said the GDP report provides evidence that "America's economy is on the fast track."
Some more forward-looking barometers, though, suggest economic growth may be moderating.
The housing market, once a star economic performer, is losing some of its shine as mortgage rates march higher. Sales of previously owned homes fell 2 percent in April to a pace of 6.76 million units, the National Association of Realtors said in another report.
House prices posted the smallest increase in 4 1/2 years. And, the total number of unsold homes climbed to a record high of 3.38 million units.
(Excerpt) Read more at biz.yahoo.com ...
This is the best spurt since Clinton!.........
Don't you ever, EVER again use the words "spurt" and "Clinton" in the same sentence. Horrible mental image.
LOL!!!!!.............GOTCHA!!!!!..........
In other words, it's all downhill from here.
Mind you, when the numbers for the next quarter come out as 5.8%, the MSM will say that the growth "Failed to meet expectations".
Enuff to make you puke?
Oh, my God. Did I just use the word "poundage" in reference to Monica Lewinsky? Excuse me, I'm going to vomit. And then take a shower. And then swallow a bottle of laxatives and spend a day on the toilet. And then take another shower.
I'm making less money than I was last year, but I'm way happier. I quit my day job and now I do what I love for my bread. Life is good. And I can guarantee you the corporation is more productive with me gone. No question about that.
"Economy Zooms in 1st Quarter"
Yeah, I know. I've been seeing stuff all over the news about it. /s
"Oh, my God. Did I just use the word "poundage" in reference to Monica Lewinsky?"
I think the proper nautical term is "tonnage". ;-)
In my local rag tomorrow, it will say something like "Slow housing market mars 1st quarter."
The Post Gazette focuses on the bad news, then maybe slips in the good news, if it feels like it.
These days I check the headlines, skip the press' take, and go right to the source. The old news people also left out what the announcement from the BEA (today's release) had to say about trade:
Real exports of goods and services increased 14.7 percent in the first quarter, compared with an increase of 5.1 percent in the fourth. Real imports of goods and services increased 12.8 percent, compared with an increase of 12.1 percent
bigger the waistband, deeper the quicksand....
fat bottomed girls you make the rocking world go round
Thanks expat.
I think this is why I don't read much of the local rag, except for the comics, sports, movie times and a few recipes in the weekly food section. For real news, I go to various internet sources.
Oh and I forgot about the death notices -- if my name's listed there, I won't be going to work tomorrow. :)
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.