Economy Grew 3.3% in 2nd Quarter, Much Higher Than Initial Reading

[Wretched Excess]

wait.  you mean we're not doomed?  we're even less doomed that we thought we were?

Economy Grew 3.3% in 2nd Quarter, Much Higher Than Initial Reading

The U.S. economy grew much faster than originally thought from April to June, but the pace is expected to slow over the rest of the year.

Gross domestic product grew at a seasonally adjusted 3.3% annual rate during the second quarter, according to the Commerce Department, which originally put growth at a 1.9% pace. The revision, released Thursday, reflects new data showing that exports were even stronger than first estimated and that business inventories weren't depleted as much as thought earlier.

"The U.S. economy has been quite resilient one year into this credit debacle," said Michael Darda, chief economist and director of research at MKM Partners in Greenwich, Conn. But, he said, "with the labor market softening and the credit markets getting more stressed, it's too soon to breathe a sigh of relief."

Separate data released Thursday showed the number of people filing new jobless claims dipped by a seasonally adjusted 10,000 last week but remains at 425,000, a level consistent with past recessions. In addition, the total number of people drawing unemployment benefits in the week ending Aug. 16 rose by 64,000 to more than 3.4 million -- the most since November 2003.

The surprisingly strong economic performance in the second quarter follows a meager 0.9% growth rate in the first quarter and a contraction of 0.2% for the final quarter of last year, the first quarterly decline since the 2001 recession. Many forecasters say GDP could decrease again in the fourth quarter of this year, as global demand for U.S. products slows and the American consumer cuts back on spending.

More

[Wretched Excess]

I am really upset that we aren't doomed.

[Chris_]

I am really upset that we aren't doomed. :(

The most important thing about being a democrat is embracing bad news.

It truly sucks our doom isn't imminent.

[Chris]

[youtube=425,350]grbSQ6O6kbs[/youtube]
.

[Wretched Excess]

I am really upset that we aren't doomed.

The most important thing about being a democrat is embracing bad news.

It truly sucks our doom isn't Iminnent.

if the GDP grows at 3.3% with $4 a gallon gas . . . the economy must otherwise be pretty solid.  and I'm just not buying the spin that it's all the stimulus checks.

I did find it amusing that the second half of the lead was, " . . . but the pace is expected to slow over the rest of the year."

maybe we will be doomed later.  that will make the democrats happy.

[TheSarge]

Damn * economy

[Wretched Excess]

being doomed, at least from my perspective, sorta rocks.

it has been a pretty good 8 years for me.

[Crazy Horse]

being doomed, at least from my perspective, sorta rocks.

it has been a pretty good 8 years for me.

Sure can't disagree with that. My tax returns have more than tripled over the last 8 years.

[rich_t]

being doomed, at least from my perspective, sorta rocks.

it has been a pretty good 8 years for me.

Sure can't disagree with that. My tax returns have more than tripled over the last 8 years.

If that is true, you are overpaying your taxes.  In effect you are giving the government an interest free loan.

You might want to update your W-4 and other withholding documents.

[rich_t]

A good pulse check of the economy...?

Box office records for hollywood movies.

We were allegedly in a recession yet spent how many of millions going to see the new Batman movie?

Most folks don't go to the movies when their funds are that tight.

Maybe DUmmies do.

[Crazy Horse]

being doomed, at least from my perspective, sorta rocks.

it has been a pretty good 8 years for me.

Sure can't disagree with that. My tax returns have more than tripled over the last 8 years.

If that is true, you are overpaying your taxes.  In effect you are giving the government an interest free loan.

You might want to update your W-4 and other withholding documents.

Make more money.................get more taxes back than before. You damn right I'm over paying my taxes.......single white male with no children.

[rich_t]

being doomed, at least from my perspective, sorta rocks.

it has been a pretty good 8 years for me.

Sure can't disagree with that. My tax returns have more than tripled over the last 8 years.

If that is true, you are overpaying your taxes.  In effect you are giving the government an interest free loan.

You might want to update your W-4 and other withholding documents.

Make more money.................get more taxes back than before. You damn right I'm over paying my taxes.......single white male with no children.

Ouch...  Mo money mo money mo money

 

[Lauri]

I am really upset that we aren't doomed.

that strange woman here, Darcy Burner, who ran last time for Congress and lost, keeps running ads on tv with her standing in front of gas pumps with 4.65 prices on them...


we havent had gas prices that high in a while.. she looks like an idiot.

per usual.

[Ptarmigan]

Most of the problems I noticed are in the financial and mortgage sector and is largely their problem they created.

[Tess Anderson]

Politics - they think that convincing Americans that the economy is in shambles will make the WH turn, but that hasn't really worked since 1980, when the economy was tanking. It worked for the Democrat Party back in 1932, but then again, it was *real*.

that strange woman here, Darcy Burner, who ran last time for Congress and lost, keeps running ads on tv with her standing in front of gas pumps with 4.65 prices on them...


we havent had gas prices that high in a while.. she looks like an idiot.

per usual.

I know who you're talking about and she is strange. She'll lose again, though.

I wonder if gas prices will fall dramatically next week, that the post-Labor Day drop still works, it should.