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Politics : GOPwinger Lies/Distortions/Omissions/Perversions of Truth

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From: SeachRE	8/29/2008 10:05:19 AM
	of 173976

As with other economists, Brusuelas notes the 3.3% second-quarter GDP figure was goosed by the one-time factor of tax rebate checks. There will be a "payback" for the fiscal stimulus in the third- and fourth-quarters, the economist says, predicting a very soft holiday shopping season. Second-quarter GDP got an even bigger boost from export growth, which may wane as the dollar has strengthened and the global economy has slowed. ---- Personal income fell 0.7% in July, the sharpest decline since after Hurricane Katrina in August 2005. The consensus was for income to stay flat last month. Consumer spending rose 0.2%, as expected. But that's the slowest gain since February, and spending dropped 0.4% on an inflation-adjusted basis, the biggest slide in four years. The personal consumption expenditures index rose 4.5%, the steepest since February 1991. Core PCE rose 2.4%, the biggest gain since February 2007 and well above the Fed's "comfort zone"; but don't expect a rate hike anytime soon, as Brusuelas and I discuss in the accompanying video.(Yahoo Tech Ticker) YOU NEOCON GUYS ARE SO SHALLOW...

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