s skippy the bush kangaroo

skippy the bush kangaroo

Friday, January 30, 2004

happy superbowl weekend from the bush economic team

not that anybody asked us, but we could have told you that the economic growth for last quarter was probably going to turn out to be less than the experts were predicting.

and boy, were we right. yahoo news says:

u.s. economic growth slowed to a 4 percent annual rate in the closing three months of 2003, less than half the third-quarter pace as consumers curbed their spending, the commerce department reported on friday…

the fourth-quarter expansion in gross domestic caught markets by surprise because it was well below wall street economists' forecasts for a 4.8 percent rate of increase and far below a sizzling 8.2 percent increase posted in the third quarter when tax-induced spending was strong.
cnnmoney, while spinning this gdp number as "healthy" (rather like saying, "sure, but the icu patient is still breathing!") does admit:

consumer spending, which makes up more than two-thirds of total gdp, rose at a pace of 2.6 percent in the fourth quarter, the commerce department said, compared with a rate of growth of 6.9 percent in the third quarter.
well, don't worry, those jobs should start showing up any time now.

posted by skippy at 9:03 PM |


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