D'oh! Economy has worst growth since 2002

[devilgrrl]

Economy has worst growth since 2002
By JEANNINE AVERSA, AP Economics Writer 33 minutes ago

WASHINGTON - The economy nearly stalled in the first quarter with growth slowing to a pace of just 0.6 percent. That was the worst three-month showing in over four years.

The new reading on the gross domestic product, released by the Commerce Department Thursday, showed that economic growth in the January-to-April quarter was much weaker. Government statisticians slashed by more than half their first estimate of a 1.3 percent growth rate for the quarter.

The main culprits for the downgrade: the bloated trade deficit and businesses cutting investment in supplies of the goods they hold in inventories.

For nearly a year, the economy has been enduring a stretch of subpar economic growth due mostly to a sharp housing slump. That in turn has made some businesses act more cautiously in their spending and investing.

more: http://news.yahoo.com/s/ap/20070531/ap_on_bi_go_ec_fi/economy_14;_ylt=At.5PnDQHmnG2VdUrw_fm1wE1vAI

[shenmue]

1. The job figures...

are revised downward, like clockwork, shortly after each time they are announced.

More B*sh lies.

[marmar]

3. Yup.....

Eventually they're going to run out of smoke and mirrors for this economy.

[Richard Steele]

7. At this point, the Smoke and Mirror industries are all that's keeping it afloat.

Once those go under- we're SCREWN.

[Squatch]

2. S&P 500, Dow jump to record closing highs

Link

[MissMillie]

4. for the entire reign of the Bush administration, growth has been slow

What people fail to do is recognize that there are economic cycles and that to get a true picture about whether Bush's policies have had a positive affect, you have to compare "like" cycles. Fortunately, there are those who have been paying attention.

http://www.epi.org/briefingpapers/168/bp168.pdf

[Squatch]

5. Heard on the news yesterday that Prince William County, VA has

a 1.28% unemployment rate. That's considered a "worker shortage" according to the economist they had on the program.

[leftofthedial]

6. "due to housing slump" -- yeah, right.

due to the super-wealthy sucking trillions of dollars OUT of the economy and their corporations helping to destory the middle class

we are fucked