Economy grows at solid pace in 2nd quarter

[sabra]

http://www.tallahassee.com/mld/tallahassee/news/12523290.htm

Economy grows at solid pace in 2nd quarter

WASHINGTON - The economy grew at a 3.3 percent annual rate in the second quarter, slightly less than initially estimated but still a solid performance, especially given galloping energy prices.

The new reading for the gross domestic product (GDP) for the April-to-June, quarter released by the Commerce Department on Wednesday, showed a tad less robust growth than the 3.4 percent pace first estimated for the quarter by the government a month ago.

The slightly lower GDP figure reflected the fact that consumers and businesses spent less briskly than first thought. An improved trade situation also didn't add as much to economic growth during the quarter as previously estimated.

GDP measures the value of all goods and services produced within the United States and is considered the broadest measure of the country's economic standing. In the second quarter, GDP climbed to $11.1 trillion on an annualized basis, adjusted for inflation.

[SteppingRazor]

1. Pity that poverty also grew...

I mean, who is this growing economy helping?

[lebkuchen]

11. Grew overnight by a million people

One wonders how pension funds that make a fair share of their wealth from selling insurance will fare after all is said and done.

[Massachusetts]

2. "Economy grows at solid pace in 2nd quarter"

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH

[HereSince1628]

3. What is the 2nd quarter? April, May, and June?

Those of us who are in the real world rather than checking on how well our economic computer models worked are thinking about how $3.50 gas will change THIS WEEKS grocery bills.

[Massacure]

4. Grew at a solid pace using borrowed money.

So when does the money come due?

[Yavin4]

5. The Economy Will Grow This Year Because Last Year Was An Election Year

and we're still in a period of low interest rates.

Last year was an election year which means that several government projects and government money was promised all across the country. These promises are being realized in the first few quarters of this year.

[Gunit_Sangh]

6. Same article on USA Today has this title

Second-quarter GDP growth revised down a bit

go figure :o)

[LeftyElvis]

7. BS

I don't see it where I live. People can barely get by.

[modrepub]

8. What about

GDP +3.3% deficit ~2.7% of US GDM Net < 1%

Wait until +3$ gas hits. I hope all those upper income people can spend enough to compensate for the rest of us who will be home watching rented DVDs or old cable reruns to conserve gas.

[warpheads]

9. Re: Economy Grows

Not only is is a shame that poverty also grew, this data proves that Republican economic policy has been sucessful at broadening the gulf between the wealthiest Americans and Corporations and the other 90% + of Americans. I think it is a shame that the Democrats are so determined to morph into a 'red-state' party that they don't see the reality that now is the time to return to the heart of what the Democrat party used to be. Their winning issue is being handed to them on a silver platter.

[SOS]

10. No rise in income for 5 years - a record

WASHINGTON, Aug. 30 - Even as the economy grew, incomes stagnated last year and the poverty rate rose, the Census Bureau reported Tuesday. It was the first time on record that household incomes failed to increase for five straight years.

http://www.nytimes.com/2005/08/31/national/31census.html