The Worst 5.3% GDP Growth Since Hoover

Slightly below the white-hot 5.7% growth predicted by economists, so obviously we're in a depression:

U.S. economy shot forward at an upwardly revised 5.3 percent annual rate in the first quarter, the fastest growth in 2-1/2 years, as companies built up inventories and exports strengthened, a Commerce Department report on Thursday showed.

First-quarter growth in gross domestic product was more than triple the 1.7 percent annual rate recorded in last year's fourth quarter, though still slightly below Wall Street economists' forecasts for a 5.7 percent pace.

Prices remained in check, with the core personal consumption expenditures price index that the Federal Reserve favors rising at a 2 percent rate compared with 2.4 percent in the fourth quarter.

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In addition, exports were stronger than originally reported, rising at a 14.7 percent annual rate rather than 12.1 percent.

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posted by Ace at 09:07 AM

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