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| Economy grew faster than expected Q1; A silver lining | |
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| Tweet Topic Started: Apr 30 2008, 04:55 AM (357 Views) | |
| Mikhailoh | Apr 30 2008, 04:55 AM Post #1 |
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If you want trouble, find yourself a redhead
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http://www.nytimes.com/reuters/world/inter...&hp&oref=slogin U.S. First-Quarter Growth Stronger Than Forecast E-MailPrint Save By REUTERS Published: April 30, 2008 Filed at 8:36 a.m. ET Skip to next paragraph WASHINGTON, April 30 (Reuters) - The U.S. economy grew at a slightly stronger pace than forecast as 2008 began, helped by inventory-building that tempered a steadily deteriorating housing sector and less vigorous consumer spending. The Commerce Department said on Wednesday that gross domestic product or GDP expanded at a 0.6 percent annual rate in the first quarter, matching the fourth quarter's advance and handily topping a forecast for 0.2 percent growth in an advance poll of economists by Reuters. GDP is the broadest measure of total economic activity within U.S. borders and, despite a better-than-expected first-quarter performance, details of the report reflect widespread weakening that many analysts fear will lead to a recession. The GDP figures are an initial measure of first-quarter performance and will be revised twice in coming months. The report was issued just before Federal Reserve policy-makers began a second day of deliberations that is expected to result in a decision to trim official interest rates another quarter percentage point to try to keep expansion going. A Fed announcement of its decision, which may include a signal that it will halt its rate reduction campaign, will be issued in early afternoon. Consumer spending that fuels two-thirds of economic activity through consumption of goods and services, grew at the weakest rate since the second quarter of 2001, when the economy was last in recession. It rose at a 1 percent rate after growing 2.3 percent in the fourth quarter. The weakening in an already distressed housing sector was even more striking. Spending on residential construction plunged at a 26.7 percent rate - a ninth straight quarterly decline and the biggest for any three months since the end of 1981. One of the few bright spots was an increase in business inventories, which bolsters growth in the period in which it occurs. Stocks of unsold goods rose at a $1.8-billion annual rate in the first quarter after shrinking at an $18.3-billion rate in the final quarter of last year. There was a slight moderation in the rate of price rises. Personal consumption expenditures excluding food and energy items - a key gauge of core inflation that is favored by the Fed - rose at a 2.2 percent rate after increasing 2.5 percent in the fourth quarter. |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| Mikhailoh | Apr 30 2008, 10:32 AM Post #2 |
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If you want trouble, find yourself a redhead
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*bump* |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| Copper | Apr 30 2008, 11:03 AM Post #3 |
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Shortstop
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That Bush administration is amazing! |
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The Confederate soldier was peculiar in that he was ever ready to fight, but never ready to submit to the routine duty and discipline of the camp or the march. The soldiers were determined to be soldiers after their own notions, and do their duty, for the love of it, as they thought best. Carlton McCarthy | |
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| big al | Apr 30 2008, 11:20 AM Post #4 |
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Bull-Carp
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Yes, 0.6% positive is smoking if you're worried about taking flak for a recession. Big Al |
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Location: Western PA "jesu, der simcha fun der man's farlangen." -bachophile | |
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| The 89th Key | Apr 30 2008, 12:30 PM Post #5 |
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So the soonest we can officially be in a recession is October? Great...right before the election.
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| Mikhailoh | Apr 30 2008, 12:31 PM Post #6 |
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If you want trouble, find yourself a redhead
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No, they called it recently - but whether or not you can accurately call it a recession is academic. We need to be concerned about the health of the economy. |
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Once in his life, every man is entitled to fall madly in love with a gorgeous redhead - Lucille Ball | |
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| JBryan | Apr 30 2008, 12:41 PM Post #7 |
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I am the grey one
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I don't know why anyon would call it recently or now. You need consecutive quarters of negative growth for a recession and that ain't happened yet. |
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"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it". Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody. Eleanor: At my age there's not much traffic anymore. From The Lion in Winter. | |
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| big al | Apr 30 2008, 12:47 PM Post #8 |
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Bull-Carp
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My point, exactly. Who called it without the data to back it up? Big Al |
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Location: Western PA "jesu, der simcha fun der man's farlangen." -bachophile | |
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| The 89th Key | Apr 30 2008, 12:53 PM Post #9 |
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I'll give you a hint, it starts with D and end in EMOCRATS. ![]() I can't blame them, in an election that they should run away with, they are stumbling at every turn and need baseless fear tactics to win over support! Hey...did they hire Rove? :lol: |
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| Mark | Apr 30 2008, 01:09 PM Post #10 |
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HOLY CARP!!!
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The Fed (BASTARDS!) just lowered interest rates to 2.0%. We need to phase out of this crap. |
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___.___ (_]===* o 0 When I see an adult on a bicycle, I do not despair for the future of the human race. H.G. Wells | |
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| Free Rider | Apr 30 2008, 01:26 PM Post #11 |
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Fulla-Carp
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I'm refinancing |
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| Kincaid | Apr 30 2008, 04:42 PM Post #12 |
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HOLY CARP!!!
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I would too if I could get 2% - but those pesky mortgages move to a different tune and it's not the feds that play it. |
| Kincaid - disgusted Republican Partisan since 2006. | |
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| Jolly | May 1 2008, 07:16 AM Post #13 |
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Geaux Tigers!
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Haven't seen jon or Quirt weigh in on this one.... |
| The main obstacle to a stable and just world order is the United States.- George Soros | |
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| Free Rider | May 1 2008, 07:39 AM Post #14 |
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Fulla-Carp
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i know...but the rates are dropping lower. i'm at 6.5% fixed I think I can do better. |
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| big al | May 1 2008, 08:22 AM Post #15 |
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Bull-Carp
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My adjustable rate line of credit is at 4.25% and should move down another quarter point with the fed rate cut. Big Al |
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Location: Western PA "jesu, der simcha fun der man's farlangen." -bachophile | |
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