Posted on 08/28/2008 9:14:08 AM PDT by pissant
The US economy grew at a revised 3.3% annually in the second quarter of 2008, the Commerce Department said, much higher than its first estimate of 1.9%.
The rebound was linked to strong US exports, helped by the weak dollar, while government tax rebates also boosted consumer spending.
GDP grew at a rate of 0.9% in the first quarter, after a 0.2% contraction in the last three months of 2007.
The Federal Reserve has warned the economy will remain weak this year.
"While we're not out of the woods yet, maybe we're beginning to see some sunlight," said John Wilson, equity strategist at Morgan Keegan.
"At some point, the market will begin to look through the trough and gauge the strength of the coming upturn."
'No recession'
The data showed that exports grew at an annualised rate of 13.2%, higher than the government's initial estimate of 9.2%.
(Excerpt) Read more at news.bbc.co.uk ...
Harsh tokes for the Obamaramadingdong and his chia pet VP selection.
But this can’t be right. Pelosi and Reid and Biden have assured us that the economy is in a recession.
Yeah, but think of how great it'd be if only this weren't the worst economy since Hoover.
I hope I don't need a sarcasm tag on that...
Bloody Politicians, they can't keep ANY agreement they make can they?!
Obama won't stand a chance. < /heavy sarcasm>
All we’ll hear from the media is “yeah, buts.”
You see, democrats just aren’t as good “talking down the economy” as republicans (circa 2000).
This is good news.
This will be spun by Pelosi and Reid stating the economy upturn is due to the optimism of Obama’s upcoming presidential victory
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