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Extra: U.S. Economy Improves in 2nd Quarter

By JEANNINE AVERSA (Direct descendent of Karl Marx! - tha malcontent)
Associated Press Writer Jul 31, 6:04 PM EDT

WASHINGTON (AP) � Stirring from months of stubborn listlessness, the economy pushed ahead in the second quarter at the fastest pace since last summer, boosted by surging military spending for the Iraq war. Consumer and business spending were higher, too.

 

(ap) - Much to the chagrin of the "Free Press" and their DemocRAT Party, the U.S. Economy did much better than originally predicted, of course, those predictions being based on the worst estimates that the "Free Press" could find out of the most Leftist of economists!... That's how I would have led this story, but then again, I would be Honest in my reporting!  Make note of the Fact that the AP's opening statement is negative, and then leads into insinuating that the it's because of the spending on Iraq II.  This is to leave the perception that Bush (43) may be artificially stimulating the economy with the death of American men and women... I know that's not what they said, but after 3 years of covering these Marxists, I know what's going on in their tiny little nuggets!  This story looks like fun!  I can't wait to read the whole thing! - tha malcontent)

The report on gross domestic product, coupled with another drop in new claims for unemployment benefits, raised hopes that America's economic health is on the mend.

 

(It's better than it was for the final year of William the Liar, 2000, the same year that the AP ignored all of the negative economic news that was pouring in, instead, opting for the older, more positive economic news from 1998 and 1999, as that it gave Algore Junior a better chance @ 1600!  By the way, even though the AP hates to admit it, we are no longer in the Clinton/Algore Recession that began 40 days after they Left office, on the heels of a year long slowdown that they themselves oversaw and did NOTHING to stop... Where was the reporting on that AP?  Oh yeah, it started, as I documented, just days after Clinton Left office.  Suddenly, Bush (43) was responsible for a horrible economy... Days after entering the Oval Office.  Only Ignorant SHEEPle, the kind the DemocRATS count on to stay employed, are simple enough to believe the absurdity that we went from a Great Economy to a Recession with the switch of Party control at the White House.  After all, these are the very same types of people that their own Party painted as too stupid to figure out the Florida ballot, while everyone else seemed to be perfectly fine with the same ballot!... Go figure! - tha malcontent)

GDP, the broadest barometer of the economy's shape, expanded at an annual rate of 2.4 percent in the April to June quarter, the Commerce Department reported Thursday. The improvement came after two straight quarters of lousy economic growth. GDP increased at just a 1.4 percent pace in the final quarter of 2002 and the first three months of this year.

 

(2.4% from 1.4%... Not a good sign for the DemocRAT Party and their "Free Presses" hopes of a continuing negative economy for their own political gain! - tha malcontent)

The pickup included a stunning 44.1 percent growth rate in government defense spending, the largest increase since the third quarter of 1951.

 

(And it's about GAH-DAMN time! - tha malcontent)

In another encouraging report, new applications filed last week for unemployment benefits dropped by 3,000 to a five-month low of 388,000, the Labor Department said. It marked the third week in a row that jobless claims went down and suggested that the pace of layoffs is stabilizing.

 

(More bad news for the Left, darn! - tha malcontent)

The pair of reports reinforced hope that the economy - shedding war and other uncertainties that had bogged it down - will gain more traction in the second half of this year.

 

(This is classic Newspeak!  The economy began it's decline in March of 2000 while Clinton was still the president and we were not at War and the 11th had not yet happened!  The AP is Lying here, plain and simple! - tha malcontent)

"It finally appears as if the economy is taking a turn for the better," said Stuart Hoffman, chief economist at PNC Financial Services Group. "The economy is like a runner getting a second wind. It isn't going to be darting ahead, but it will be moving at a faster pace."

 

(I kind of feel sorry for the Left, knowing that the last time they were out of Power like this, was a half a Century ago... If the pendulum swings equally, my Party is going to be making some Positive changes around here for the first time in a long time!  And for those of you about to say that changing things like voting Rights for Blacks is what I am talking about, please, Cobain yourselves, because you are wasting everyone's oxygen with that kind of stupidity! - tha malcontent)

On Wall Street, the reports lifted stocks. The Dow Jones industrials gained 33.75 points to close at 9,233.80. The Dow and the Standard & Poor's 500 index completed a five-month winning stretch, something they hadn't accomplished since 1999.

 

(Good news for Wall Street not seen since the Great Economic days of William the Liar?... Uh-oh, this is looking worse and worse for the DemocRATS the more I read!  I can't wait to read more! - tha malcontent)

Federal Reserve Chairman Alan Greenspan and private economists believe the economy will stage a rebound in the second half of this year. President Bush's tax cuts, along with near-rock-bottom short-term interest rates, should help out, economists said. Some are predicting a growth rate in the second half in the range of 3.5 percent to 4 percent or more.

 

(The real question is, will the Left continue to deny reality as they did in the 2002 elections when they had themselves Ignorantly convinced that they would retain the Senate Plurality, and gain control of the House?  It's really kind of sad when you think about it, isn't it? - tha malcontent)

GDP measures the total value of goods and services produced within the United States. The 2.4 percent second-quarter growth rate, stronger than the limp 1.5 percent pace that economists were predicting, marked the best performance since the third quarter of 2002.

 

(Growth was "limp", so the GOP gave it some Viagra at the request of Bob Dole! - tha malcontent)

Amid signs of economic improvement, analysts expect the Federal Reserve will hold short-term rates steady at a 45-year low of 1 percent at its next meeting on Aug. 12. The combination of lower borrowing costs, fatter paychecks and tax incentives might spur consumers and businesses to spend and invest more, analysts said.

 

("Might" is the key word in that silly assertion!  This is like saying, "The combination of clouds, cooler temperatures, rain and the Earth being below it, might cause some things in the direct path of said moisture, to actually get wet".  I Love the Leftist self-delusion, it knows no bounds! - tha malcontent)

Even if that turns out to be the case, the job market is likely to remain sluggish, economists said. The unemployment rate hit a nine-year high of 6.4 percent in June. It could hover in that range and possibly move higher in the months ahead because job growth probably will not be strong enough to handle an influx of people looking for work amid an improved climate, economists said.

 

(If the economy continues on it's current path, that overstated 6.4% will be around 5% next November... Clinton was applauded for 5.7% in 1996.  Man it's gotta suck to be a DemocRAT in the new Millennium!  Have you seen the Cox poll that stated that DemocRATS in America are around 32% of the voting populace currently, the lowest in over 5 decades?... Classic! - tha malcontent)

Democrats point to the lackluster job market as evidence that the president's economic policies aren't working and his tax cuts are digging the country's budget deficit hole deeper. "This administration is in total denial," said Sen. Kent Conrad, D-N.D.

 

(Mr. Conrad, it is not the President who is "in total denial", it is you and the "Free Press" who is currently allowing you to regurgitate that DNC Talking Point nonsense after paragraphs of nothing but good economic news in this very story, that was quickly taken off the Main Wire today, I might add!  We wouldn't want to focus on any positive news while we are attempting to destroy a President we did not vote for, right AP? - tha malcontent)

But the Bush administration insists the tax cuts will help the economy grow and eventually create jobs. "The economy is clearly moving in the right direction," said Commerce Secretary Don Evans.

A second Labor Department report showed U.S. workers' wages and benefits grew 0.9 percent in the second quarter, down from a 1.3 percent rise in the previous quarter, as companies kept a sharp eye on costs.

The stagnant jobs market so far hasn't taken a big bite out of consumer spending, a main force keeping the economy going.

 

(Reach... Grap... Find that negative nugget AP! - tha malcontent)

Consumers in the second quarter increased their spending at a brisk 3.3 percent rate, up from a 2 percent pace in the previous quarter. After trimming spending on big-ticket items, such as cars and appliances, in the first quarter, consumers ratcheted up such spending on durable goods in the second quarter by a whopping 22.6 percent rate.

 

(Yet more bad news for the DemocRATS!  Why won't consumers listen to them and their "Free Press" when they say that this is the worst economy since the Great Depression? - tha malcontent)

Especially encouraging were budding signs that the big freeze on business spending is beginning to thaw. Businesses, which cut spending on equipment and software in the first three months of this year, boosted such investment in the second quarter at a sizable 7.5 percent rate. That marked the biggest increase in three years.

 

("The biggest increase in 3 years"?... Why, that was during William the Liar's reign, wasn't it?  Yet more bad news for the (D)'s! - tha malcontent)

And, after six straight quarters of slashing spending on new plants and structures, businesses boosted such spending by 4.8 percent rate in the second quarter.

A sustained turnaround in capital investment by businesses is a crucial ingredient to the economy's ability to get back to full throttle, economists said.

"The long drought in capital spending is officially over," declared Ken Mayland, president of ClearView Economics.

 

(Should I start drafting the DemocRATS obituary?... Just kiddin'!  It wouldn't be the same country if they weren't here for me to point at, and make fun of!  Again, sorry for all the bad, good news that continues to come in and dash your political hopes DemocRATS!  Don't worry, it won't be more than another 4 decades or so... Tee-hee! - tha malcontent)

---

On the Net:

Gross domestic product: http://www.commerce.gov/

 


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