OBAMA MUST NOT KNOW TODAY, ECONOMY

[FUZO]

TweetHIS DUMB ASS WILL PROBABLY SAY ITS IN BAD SHAPE



Economy gets big stimulus boost
U.S. gross domestic product grew by 3.3% in the second quarter - much more than previously stated. Economists say the economic stimulus package contributed to the rise.

Economy shows signs of life



NEW YORK -- A revised reading on gross domestic product announced Thursday showed much better U.S. economic growth than previously reported for the second quarter.

GDP, the broadest measure of the nation's economic activity, stood at an annual rate of 3.3% in the quarter, adjusted for inflation, the Commerce Department said.

Economic growth between 2.5% and 3.5% is typically viewed as the norm for a healthy economy.

The revised result surpassed last month's initial estimate of 1.9%. It also surprised economists surveyed by Briefing.com who expected a revision to 2.7%.

Stimulus works: The $90 billion in economic stimulus payments that reached taxpayers during the quarter helped boost GDP up from just 0.9% growth in the previous quarter.

Personal spending helped add 1.2% to the second-quarter preliminary GDP reading released Thursday, up from the advanced reading of 1% for the quarter and just 0.6% in the first quarter.

But many economists say the boost in consumer spending is a temporary factor attributed to the tax rebate checks, making the jump in the second quarter an anomaly.

"We got a decent boost from the stimulus, which hit the economy at a time when we really needed it," said Wachovia senior economist Mark Vitner. "It will have less of an impact going forward, though and we may even have a payback in the fourth quarter."

Trade helps too: The increase from the initial estimate was also partially due to June's U.S. trade gap reading, which was not available until after the advanced GDP numbers were reported. Much improved demand for U.S. exports added 3.1% to GDP, compared to just 0.8% in the advanced reading.

"We would have had growth even without the stimulus, as much of the rise in GDP had to do with the trade deficit," Vitner added.

A pickup in government spending, particularly a 0.4% rise in defense spending by the federal government, also boosted GDP.

But imports declined over the period, meaning lower inventory levels for retailers, which account for more than half of all GDP. Changes in non-farm inventories subtracted nearly 1.3% from overall growth.

Inflation: The government report also showed mixed readings for inflation in the previous quarter.

The GDP price index, the so-called "price deflator," which measures prices overall, rose at a 4.2% annual rate.

But the core PCE deflator - a more closely watched inflation reading that measures prices that individuals pay excluding volatile food and energy prices - rose 2.1%, the same as was reported in the first GDP report.

Inflation is still just barely above the perceived comfort zone of central bankers. The Federal Reserve is generally believed to want to see the 12-month change in core inflation readings remain between 1% and 2%.

"Without a price spiral, the Fed won't have to squeeze the life out the economy, which should help sustain modest economic growth," Vitner said.

First Published: August 28, 2008: 8:38 AM

[FUZO]

TweetALSO

Jobless claims ease for 3rd week
Number of Americans filing for unemployment benefits fell for the third week straight, as predicted, with 10,000 fewer initial filings reported.

[straydoglogic]

Tweetth economy is in horrible shape!!!! are you kidding?if anybody thinks the economy is in good shape then they need to take the blindfold off...

[FUZO]

TweetYOU TAKE A LOOK AT THE REPORTS AND NUMBERS STRAY THEY HAVE BEEN GOING UP.AND UNEMPLOYMENT DOWN

[straydoglogic]

Tweetas of when bro? we just recently entered a recession and unemployment was on the rise...
where did you get that article from?

[daved150]

Tweetcheck the date on your article fuzzy nuts!! lol....everything good dropped here! employment is down, peoples average pay is down, auto sales down, spending down, realastate has been even worse than it was 6mo's ago...i dont know about the rest of the country, but we're getting our ass kicked here!

[straydoglogic]

Tweetthis may help....
https://www.bls.gov/eag/eag.us.htm

[straydoglogic]

Tweet^^^seems the unemployment rate has gone UP....hmmm...odd....lol

[FUZO]

Tweetyour report says one thing my report says another.

[FUZO]

Tweet

check the date on your article fuzzy nuts!! lol....everything good dropped here! employment is down, peoples average pay is down, auto sales down, spending down, realastate has been even worse than it was 6mo's ago...i dont know about the rest of the country, but we're getting our ass kicked here!

the date was yesterdays date. so probably the month of august then

[daved150]

Tweet

the date was yesterdays date. so probably the month of august then

huh...i'm telling ya bro....it's UGLY here!!!

[straydoglogic]

Tweetposting this again..not sure if you guys saw it...
this may help....
https://www.bls.gov/eag/eag.us.htm

[trip]

Tweethours worked and income went down, again

plus, your home is worth alot less, ie, your net worth

that number is inflation based, ie, oil up, steel prices up, medical up, plus the stimulus package, remember that 150 billion we just borrowed from china

[daved150]

Tweet

hours worked and income went down, again

plus, your home is worth alot less, ie, your net worth

that number is inflation based, ie, oil up, steel prices up, medical up, plus the stimulus package, remember that 150 billion we just borrowed from china

well...thats not really a big deal. nothing a little ole chapter 7 cant clear up!! then, we'll just get us a citibank card and rebuild!

[straydoglogic]

Tweet

your report says one thing my report says another.

yes...but mine is from the us department of labor...where is yours from?