(US) Economy rebounds at better-than-expected pace in the spring, mostly spurred by exports

WASHINGTON (AP) – The economy shifted to a higher gear in the spring, growing at its fastest pace in nearly a year as foreign buyers snapped up U.S. exports and tax rebates spurred shoppers at home.

The Commerce Department reported Thursday that gross domestic product, or GDP, increased at a 3.3 percent annual rate in the April-June quarter. The revised reading was much better than the government’s initial estimate of a 1.9 percent pace and exceeded economists’ expectations for a 2.7 percent growth rate.

The rebound comes after two dismal quarters. The economy actually shrank in the final three months of 2007 and limped into the first quarter at a feeble 0.9 percent pace. The 3.3 percent growth in the spring was the best performance since the third quarter of last year, when the economy was chugging along at a brisk 4.8 percent pace

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Shhhh…You are not suppose to know and disseminate good news like this. :eek:

Don’t you know, we have been in a massive depression for almost 8 years not. :rolleyes:

smirks

New chocorat doubleplusgood.

Checking my calendar…nope…it’s not 1984, it’s 2008.

Can you please explain your link between Orwell and the current US economic news?
news.bbc.co.uk/2/hi/business/7586280.stm

‘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%.

Imports fell at a rate of 7.6% as the US economic slowdown reduced demands for goods made overseas.

The improved trade balance added 3.1 percentage points to second-quarter GDP, the biggest since 1980.

The slowdown in the housing market was evident, as builders cut back and businesses reduced their spending.

Consumer spending, boosted by the government’s $600 tax rebate payments, rose by 1.7%, slightly higher than the previous quarter’s 1.5%.
Some observers said that the figures lent support to the argument that the US was not heading for a recession.

“For a recession the economy is certainly growing very quickly,” said Avery Shenfeld, senior economist at CIBC World Markets.

"A lot of that growth is driven off exports and pessimists might say that can’t continue during slowing growth overseas.
“But I would say this happened precisely during the period of slowing growth overseas … this is still an economy that faces slow times but not a recession.”

And this is one of the benefits of the weak dollar. Other countries find it cheaper to buy our goods, and we find it more expensive to buy theirs. It’s a good corrective cycle for when our imports were getting too imbalanced. Of course, it means vacationing outside of the U.S. costs more, and general products may effectively cost a little more for us, but Americans need to learn to be thrifty again. It also is a bit troubling in that it weakens the prospect of keeping petroleum tied to the dollar. But then again, now the dollar is, of course, strengthening again.

I wish people who naysay the economy actually knew something about economics. Of course, that wouldn’t serve their purposes.

Most analysts show that the strengthening dollar and the growing recession overseas will make this hiatus in the recession brief. I hope they are wrong. The tax rebates did the Keynesian thing, but it just aggravated what’s really wrong; government borrowing is competing with businesses for investment money.

But it’s a fact that until the “borrow and spend” insanity in Washington ends, things won’t get any better. The present administration squandered all of the surplus they got from the previous eight years, and turned it into the largest deficit in history.

Someone’s going to have to pay it back. The guys in the WH think people who didn’t contribute to their campaigns should do it.

Tell that to the people losing their jobs and the people who can’t afford gas or enough food to feed their families. Tell the people who have watched their home values crash. Tell the people whose real cost of living rose 10%, and who got a 2% raise. Tell them how wonderful the economy is.

Anybody who thinks the economy is doing “just fine” hasn’t got a clue what’s going on out here in the world where people don’t make 5 million a year.

I make far less than 5 million a year. My house depreciated 40% last year (like all of them did in my county). I haven’t gotten a raise in over a year. My home energy costs have gone up over 200% this past year.

I am doing just fine, better than fine. Not excellent. But better than fine. In fact both my wife and I have begun doing work on the side. She has 2 business dealings outside her regular 50+ hours a week job and I have 1 on top of my strictly 40 hours a week (Why yes, I am a bit of a slacker compared to her). We’ll see if our own initiate in doing more work will make our better than fine increase to excellent. And I really don’t want the government helping me out. It’d be nice if they didn’t hinder me by taxing the crapola out of me, but other than that they can just stay out of it.

We see the world through our own eyes. It is the same world, but how we see it differs only by our own attitudes. If one wants ones life to be better then, do something about it beside complain.

I’m doing great and I don’t make 5 million a year. Not even close.

Amen!

Of course you are, everyone on this site is. Everyone here worked hard, never got a lucky break and got where they are all by themselves. Everyone here has always made the right choices, and has planned financially for every possible crisis. Nobody here will ever need help from anyone else and NEVER from the government!! :eek:

It’s kind of like Lake Wobegon, it’s a wonderful place-but it’s FICTION.

There are challenges in our economy right now. I’m facing challenges myself. However, the economy, objectively, is doing “okay”…not great…but “okay.” It clearly is not in a recession.

Are you suggesting that we should measure economic performance based on anecdotal evidence you pick up from the small group of people you interface with?

You could try reading a newspaper or watching the news-oh, yeah, I forgot-you don’t trust any of them because they’re all biased.

Taking personal responsibility is not fiction; it is the way to live life.

I grew up in a converted chicken coop. We had grass growing up through the “living room” carpet. It was termite and Jerusalem Beetle infested.

I joined and then got kicked out of the Army (was that a lucky break?).

I’ve been poor. I’ve been a drug addict. I’ve been a drunk. These are not insurmountable obstacles. They are only excuses.

We make what we make out of our lives. If we chose to look at the world through the glasses of doom and gloom then the world is dark and scary. If we chose to be optimistic and work towards a positive change then the world is a great place to be alive in.

I chose to be an optimist. I chose to see the good and the possibilities in life. If I can do it, so can anyone else no matter what their background or current stage in life.

I would refer you to the links in this very thread that show that the economy is doing “better-than-expected.” The links are from an AP story (available in multiple newspapers and online) and a BBC story.

Your evidence, on the other hand, has no link, no numbers to back it up, and is therefore anecdotal. I trust plenty of sources, as I already pointed out in another thread…try providing one, instead of just making an ad hominem attack.

Any links that I would post would quickly be discredited as “typical liberal bias” anyway.

I just find humor in the predictable responses to certain subjects.

In other words, you have no credible sources. Okay. Then, we will take your arguments for what they are…unsupported opinions.

[quote=Fitswimmer]I just find humor in the predictable responses to certain subjects.
[/quote]

Yes, your responses are very predictable…and often humorous.

Fits, we’re never going to have a perfect world where everyone is doing fine, despite the false promises of Marxism. There are always going to be some people struggling. Why believe in all this constant doom and gloom in spite of reality? Oh right, to push an agenda. A proven failure of an agenda that the government should take care of us, should be the great charitable institution so that we can personally abdicate our responsibility to care for ourselves and to care for others. Christ’s call to charity is NOT for government, it is for INDIVIDUALS. So let’s stop whining and make the best of it. Oh right, most Americans are, that’s why the economy is still growing, why we still have the least poverty and the most prosperity of any nation, why we are even moving forward despite the dragging weight of a huge big-spending government, high fuel prices (due to our refusal to provide for ourselves), and a shattered housing and credit market. It’s a pretty powerful people and economy that can stand up to all that and keep on growing.

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