Pelosi's Fault! We need more taxes!
THAT is the best part.
WASHINGTON - Business growth slowed to a 2.2 percent pace in the late summer, a much better performance than anticipated and an encouraging sign that the housing slump hasn't significantly dragged down the economy.
The upgraded reading on gross domestic product, released by the
Commerce Department Wednesday, was considerably stronger than the 1.6 percent growth rate for the July-to-September quarter that had been estimated a month ago. That pace had been the worst in more than three years.
Gross domestic product measures the value of all goods and services produced within the United States and is considered the best barometer of the country's economic fitness.
The new estimate, which was stronger than the 1.8 percent pace that economists had forecast, nevertheless marked the slowest pace of growth since the end of last year when the economy was reeling from the blows of the Gulf Coast hurricanes. The biggest drag on third-quarter growth: the cooldown in the once-sizzling housing sector.
http://news.yahoo.com/s/ap/20061129/ap_on_bi_go_ec_fi/economy
A bit slow, but least it's not tanking completely.
Worst economy ever....
I watched Bernanke's speech to the Italian-American Federation yesterday. It was typically non-committal. The message I got was a continuation of this growth rate into the first quarter, with some pickup in the spring.
"WOMEN AND MINORITIES HIT HARDEST"
I guess tax cuts worked in spite of high gas prices.
Is this the annualized number?