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August 30, 2007

4.0: Economy Posts Sweet GPA For Second Quarter

Cowbell.

Surging exports and business spending propelled U.S. growth to the fastest pace in more than a year before turmoil in the credit markets forced the Federal Reserve to warn of a bleaker outlook.

Gross domestic product rose at a 4 percent annual rate in the second quarter, the Commerce Department said in Washington, up from an initial estimate of 3.4 percent. The median forecast of economists polled by Bloomberg News was 4.1 percent.

...

The Fed's preferred inflation measure, which is tied to consumer spending and strips out food and energy costs, rose at a 1.3 percent annual rate. The pace of increase was the slowest in four years.

Worst economy since Herbert Hoover October 2000.

Re-Post: How the NYT spins economic growth.


Top Ten New York Times Headlines on the New GDP Growth Numbers

10. New Trends in Economy Will Displace Many Workers; Hundreds of DNC Staffers Likely to Lose Their Bullshit, Daddy-Got-Me Jobs

9. Despite Improving Economy, Many Americans Report They Still Regularly Suffer From "A Bad Case of the Mondays"

8. In Ohio, Heroes Confronted With Heartbreaking Choices: Returning Iraq War Veterans Must Choose Between $65,000 Per Year Out of State or $55,000 Per Year Closer to Home

7. In Subtle Strategic Shift, James Carville Announces New Democratic Seantorial Campaign Campaign Slogan: "Who Gives a Wet Shit About the Economy, Anyhow?"

6. Robert Reich Slams Bush Administration for Growing Gap Between Upper Middle Class and Lower Upper Class

5. Silent Slaughter: Environmentalists Estimate that 50,000 Old-Growth Trees Will Be Killed in Coming Months To Print Useless Orientation Pamphlets for New Hires

4. Non-Partisan Council for Economic and Social Justice Decries Past Fiscal Quarter As "A Season of Greed"

3. While America Grew 4.0% Last Quarter, John Edwards Frets It Only Grew 1.5% In "The Other America"

2. The Dark Side of Employment: Increasing Work-Loads Require Workers to Choose Between Over-Time and Leisure Time; Minorities, Single Women Hardest Hit

...and the Number One New York Times Headline Spinning the Economy...

1. Announcing His Retirement, a Rueful Paul Krugman Remarks "It sure was fun while it lasted!"

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posted by Ace at 11:52 AM

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