Great news, we're no where near a recession! Or so says our government.

[sinkingfeeling]

http://www.usatoday.com/money/economy/2008-06-26-gdp-final_N.htm

GDP revised up to 1% rate for first quarter

WASHINGTON (Reuters) — The economy grew at an upwardly revised 1.0% annual rate the first three months of 2008, helped by stronger consumer spending and exports, a Commerce Department report showed on Thursday.

Economists polled by Reuters had expected the upward revision to a 1.0% pace. The figure was initially reported in April at an anemic 0.6%, fueling concern that the economy may be slipping into recession.

A second report Thursday confirmed more recent lackluster economic performance. The Labor Department said new applications for unemployment insurance stayed at 384,000 the week ended June 21, no change from the previous week.

[marmar]

1. Enron-esque tweaking of the numbers.....

Everyone knows what the truth of the matter is.

[peacetalksforall]

2. The favorite ball point I use was $5.99 a package around 2000 and had

been for years. Last evening - $9.99, a $1.80 jump from about eight months ago.

[boomerbust]

3. At the local eclectic resort town grocery store yesterday

$3.29 for two ratty looking mid sized tomatoes. Inflation is low and no recession? OK

[BridgeTheGap]

4. Great news! Now, if only I could get health care insurance, fill up my tank, pay my bills...n.t

[predfan]

5. there's why consumer confidence is so low.............

not only is the economy tanking ( or tanked), but the govt. cooks the books. November can't get here soon enough for this bunch, nor for us.........Bush's legacy? he'll replace Hoover in the country's memory as worst economic failure ever.

[Ichingcarpenter]

6. The US spends 3.7% of the GDP on the Military

How much of the economic growth is due to the discretionary spending
to support the wars and the military industrial complex? Congress increased
the supplementals to support these wars.

http://en.wikipedia.org/wiki/Military_budget_of_the_United_States

[Pale Blue Dot]

7. Dow's down over 200 pts already today.

Wall Street, the last stronghold of Kool-aid drinkers, doesn't appear to be thirsty anymore.

[Ichingcarpenter]

8. "Consumer spending is up" Gee, Really?

Spending more for food, gas and necessities? Now does that "spending' include
buying more food, more gas and more home items?

[Pale Blue Dot]

9. Did you mean to reply to me? nt

[Ichingcarpenter]

11. In a way because I thought your news on the market was important

They talked this morning on a 300 point loss today.

[Johonny]

10. That's great but hardly anyone is in THAT economy

Bushes economy has left the middle class behind. Few experienced any economic growth over the shallow period Bush managed to have economic growth. So who's seeing this growth?

[raccoon]

12. Wow, what a relief! Here I was thinking, welcome to hard times. :sarcasm: nt