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June 29, 2006

Cowbell, Now With 5.6% More tok tok tok

First quarter growth revised up to a sizzling 5.6%.

Once again, the predictable headline:

Economy Growth Boils in 1st Quarter but Has Flashed Signs of Cooling Since Then

Of course it's cooling, morons. Only developing nations are able to sustain such high growth rates for more than a quarter or two.

And how much is it cooling? Well, down a positively chilly 2.5% to 3% rate of growth, better known as "solid growth."

Fresher barometers, however, suggest the economy is slowing.

In a separate report, the Labor Department said new claims filed for unemployment benefits last week rose by 4,000 to 313,000 -- a bit more than economists were expecting.

Analysts believe economic growth in the April-to-June quarter could turn out to be half the pace of the first quarter's. They are predicting growth in the range of 2.5 percent to 3 percent. High energy prices and a more moderate housing market will play roles in the expected slowdown.

"I think the economy is moving from a boil to a simmer," said Richard Yamarone, economist at Argus Research.

Damn, the economy will merely be "simmering" in the next few months. Let's all hang ourselves in the garage.


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posted by Ace at 03:00 PM

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