Thursday, May 29, 2008

No recession here - Growth of 0.9% in First Quarter

This is not a recession. It's poor growth, but it is growth. A recession is two consecutive quarters of negative growth. Both the 4th quarter of 2007 and the first quarter of 2008 had economic growth. Are the networks praising President Bush for his excellent track record? GDP Grew More Than First Thought, Increasing 0.9% in First Quarter -
The U.S. economy was stronger than first thought because of a better trade balance and stronger business spending. Gross domestic product rose at a seasonally adjusted 0.9% annual rate January through March, the Commerce Department said in the second estimate of first-quarter GDP. Originally, in a report a month ago, Commerce said GDP increased 0.6% in the first quarter -- the same, anemic rate of growth achieved in the fourth quarter.
The official source: Bureau of Economic Analysis

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