Must be good news for John McCain.
Off to play in the traffic.
Meantime, Bloomberg sez recession started in Q4 2007 (via Calculated Risk:
July 31 (Bloomberg) -- The U.S. economy may have slipped into a recession in the last three months of 2007 as consumer spending slowed more than previously estimated and the housing slump worsened, revised government figures indicated. The world's largest economy contracted at a 0.2 percent annual pace in the fourth quarter of last year compared with a previously reported 0.6 percent gain, the Commerce Department said today in Washington. Growth for the period from 2005 through 2007 was also trimmed. The revisions now reinforce measures such as employment and production that already signaled the economy was shrinking. The National Bureau of Economic Research, the Cambridge, Massachusetts-based arbiter of economic cycles, defines a recession as a ``significant'' decrease in activity over a sustained period of time. The declines would be visible in GDP, payrolls, production, sales and incomes. ``We're in a recession,'' Allen Sinai, chief economist at Decision Economics Inc. in New York, said in a Bloomberg Television interview. ``It's going to widen, it's going to deepen.''
The world's largest economy contracted at a 0.2 percent annual pace in the fourth quarter of last year compared with a previously reported 0.6 percent gain, the Commerce Department said today in Washington. Growth for the period from 2005 through 2007 was also trimmed.
The revisions now reinforce measures such as employment and production that already signaled the economy was shrinking. The National Bureau of Economic Research, the Cambridge, Massachusetts-based arbiter of economic cycles, defines a recession as a ``significant'' decrease in activity over a sustained period of time. The declines would be visible in GDP, payrolls, production, sales and incomes.
``We're in a recession,'' Allen Sinai, chief economist at Decision Economics Inc. in New York, said in a Bloomberg Television interview. ``It's going to widen, it's going to deepen.''
2007 (prev.) 2006 (prev.) 2005 (prev.) GDB real 2,0 2,2 2,8 2,9 2,9 3,1
Quarterly T1 (prev.) T2 (prev.) T3 (prev.) T4 (prev.) 2007 0,1 0,6 4,8 3,8 4,8 4,9 -0,2 0,6 2006 4,8 4,8 2,7 2,4 0,8 1,1 1,5 2,1 2005 3,0 3,1 2,6 2,8 3,8 4,5 1,3 1,2 In the long run, we're all dead. John Maynard Keynes
However, Europe is in imminant danger of a recession, when taking 2 consecutive quarters of negative growth as measure. I'm almost sure, Q2 was negative in Europe. While the US could have had a recession in q4,07/q1,08 and being already in recovery - or of course in the middle of a long recession, we may get that information probably, uhmm, 2011. Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
Quarterly Q1 Q2 Q3 Q4 -O- 2007 0,1 4,8 4,8 -0,2 2.4 (?!) EuroZ 3.3 2.6 2.7 2.2 2.7
2006 4,8 2,7 0,8 1,5 2.5 (?!) EuroZ 2.6 3.0 2.9 3.3 3.0
2005 3,0 2,6 3,8 1,3 2.7 (?!) EuroZ 1.5 1.6 1.9 2.1 1.8
Both regions average in this last 3 years to 2.5% groth within rounding errors.
EuroZ from ECB: Euro area 13 (fixed composition) - Gross domestic product at market price - Constant prices - ECU/euro - Seasonally adjusted, not working day adjusted, Annual percentage change Der Amerikaner ist die Orchidee unter den MenschenVolker Pispers
The U.S. economy grew at a healthy pace in the second quarter, the government said today, despite being buffeted by a financial crisis, a deep housing slump, high fuel prices and a weak job market. Gross domestic product rose at a 1.9 percent inflation-adjusted annual rate in the April through June period, far above what forecasters would have expected just a few months ago. It was boosted by strong exports resulting from the lower value of the dollar and rising consumer spending by Americans, who benefited from government stimulus checks.
Gross domestic product rose at a 1.9 percent inflation-adjusted annual rate in the April through June period, far above what forecasters would have expected just a few months ago. It was boosted by strong exports resulting from the lower value of the dollar and rising consumer spending by Americans, who benefited from government stimulus checks.
The surge is working!
Just don't say the "R" word with regard to the US, that's all.
Get the good news out first, so if its bad news coming, rather than bringing the picture into focus, it can be covered as "on the one hand, on the other hand". I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.
America's economy has steered clear of recession so far. How long can it keep growing?THE American economy has often defied predictions of its demise. It has done so again. Official figures published on Thursday July 31st show that America's GDP rose at an annualised rate of 1.9% in the second quarter. This would a respectable enough growth rate at the best of times. That this was achieved despite the considerable handicaps of a badly damaged banking system, a big jump in oil prices and the ongoing housing bust, makes it remarkable. Revisions to earlier quarters took some of the shine of the news. Government statisticians now reckon that the economy shrank in the final three months of last year: the annualised change to GDP was revised from 0.6% to -0.2%. But growth picked up slightly to 0.9% in the first quarter, so on this reading at least, America seems to have just steered clear of a technical recession--two consecutive quarters of contraction.
THE American economy has often defied predictions of its demise. It has done so again. Official figures published on Thursday July 31st show that America's GDP rose at an annualised rate of 1.9% in the second quarter. This would a respectable enough growth rate at the best of times. That this was achieved despite the considerable handicaps of a badly damaged banking system, a big jump in oil prices and the ongoing housing bust, makes it remarkable.
Revisions to earlier quarters took some of the shine of the news. Government statisticians now reckon that the economy shrank in the final three months of last year: the annualised change to GDP was revised from 0.6% to -0.2%. But growth picked up slightly to 0.9% in the first quarter, so on this reading at least, America seems to have just steered clear of a technical recession--two consecutive quarters of contraction.
The polls in the next few weeks are going to be really interesting.
Tie in Montana. Leads for O in PA, OH and FL. I'll certainly take it. Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
