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Jan. 29 (Bloomberg) -- The U.S. economy expanded in the fourth quarter at the fastest pace in six years as factories cranked up assembly lines, indicating the recovery may be strong enough to be weaned from government support.
The dollar rallied as the data signaled the momentum generated by the world’s largest economy last quarter will carry into the new year. Rising investment in equipment and software is boosting sales at companies including Intel Corp. and may help bring the jobless rate down from close to a 26-year high as employers add staff to meet demand.'[/b]
I'm sure everyone will agree this is excellent news! It seems as though the stimulus HAS worked and we're getting back on track.
As a small business owner who serves enterprise level companies and federal government agencies, I will be glad to see growth that will help my business grow!
If you aren't happy about this news, I wonder about your patriotism.
I can say that I've started to see the expansion of the economy in my line of work. For the first time in about 18 months, there are more projects than people to fill positions which is great news.
Jan. 29 (Bloomberg) -- The U.S. economy expanded in the fourth quarter at the fastest pace in six years as factories cranked up assembly lines, indicating the recovery may be strong enough to be weaned from government support.
The dollar rallied as the data signaled the momentum generated by the world’s largest economy last quarter will carry into the new year. Rising investment in equipment and software is boosting sales at companies including Intel Corp. and may help bring the jobless rate down from close to a 26-year high as employers add staff to meet demand.
“We are getting on to something that is pretty sustainable,†said Bruce Kasman, chief economist at JPMorgan Chase & Co. in New York, who correctly forecast the gain in GDP. “Both consumers and businesses are beginning to increase spending. To get validation, we need to see a return in hiring, which we think we are going to get over the next few months.â€
Yup.
LOTS of good news mentioned in that article. Truly the economy is starting to fire on all cylinders so there's a pretty good chance that when the February job numbers are announced next month there will be job GROWTH rather than job loss.
In any case, while 5.7% is good news, the advance estimates are always revised down quite a bit. In the 3rd quarter growth was initially pegged at 3.6% only to reach a final value of 2.2%. I suspect that once the rest of the data files in (Feb 29th and March 29th) it will be where most economists predicted, 3.9%-4.2%. Better than being in the negative for sure, but no where near what you would expect for a recovery from the worst recession since the Great Depression.
I trust the BEA to be honest as opposed to any secondary source:
I figure the rug will get pulled out from the US economy again this year or next in a double dip recession. it just hasnt happened yet.
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