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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Srexley who wrote (267890)	6/28/2002 12:35:48 AM
From: DOUG H	Read Replies (3) \| Respond to of 769667

GDP: Fastest Pace in More Than Two Years The DEms will be pissed to hear this. Jun 27 9:36am ET By Joanne Morrison WASHINGTON (Reuters) - The U.S. economy raced ahead at its fastest clip in more than two years in the first quarter, up from earlier estimates and reflecting a better-than-expected showing for consumer spending and business investment, the government said on Thursday. U.S. gross domestic product (GDP), the broadest measure of goods and services produced within the country's borders, grew at a revised 6.1 percent seasonally adjusted annual rate during the first three months of this year, up from an earlier estimate of 5.6 percent, the Commerce Department said in its final reading for the quarter. "The stronger than expected GDP number confirms that the U.S. did not really experience a recession in classic terms, but instead experienced an economic slowdown," said Edgar Peters, chief investment officer at PanAgora Asset Management in Boston. Still, the government's latest GDP estimate beat Wall Street expectations but the number is unlikely to reassure financial markets shell-shocked by a series of corporate accounting scandals and worried about signs the economic recovery has since become more uneven. Economists in a Reuters poll forecast, on average, that U.S. GDP growth would remain at a 5.6 percent annual rate for the quarter. "The economy is experiencing a mild recovery from a mild slowdown. Disappointment came because everyone expected a more pronounced recovery after a severe recession," said Peters. Consumer spending, which fuels two-thirds of the economy, grew at a 3.3 percent annual rate during the quarter, up slightly from the earlier 3.2 percent estimate. A smaller decline than first estimated in consumer purchases of durable goods, big-ticket items intended to last for several years, helped push up the spending figure. Business spending -- which Federal Reserve officials regard as crucial to a sustainable economic expansion -- declined during the first three months of the year but not as sharply as previous estimates. According to the report, business investment fell at a 6.2 percent annual rate, a smaller drop than the previously estimated 8.2 percent decrease. In one bright light, while businesses did not break ground on new plants, spending on equipment and software was up 0.1 percent, the first gain since the third quarter of 2000. The biggest surge in defense spending since 1967 following the Sept. 11 attacks also helped push up GDP growth during the quarter.

To: Srexley who wrote (267890)	6/28/2002 2:19:59 AM
From: Cogito	Read Replies (1) \| Respond to of 769667

>>I realize there is a lack of political correctness in my name calling. The destinction that I draw is that I try to only do it in reponse to name calling. << Srexley - Screw political correctness. It's a blight on the political landscape of our country. I wholeheartedly agree with conservatives on that. (An example: the term "native American" really means anyone who was born here, and thus applies to most of us. If I refuse to use the term, some would label me a racist. It's nonsense.) That has nothing to do with my point. Your "he started it" argument is not convincing and in my opinion doesn't justify the behavior. And until you can come up with some kind of figures that demonstrate that liberals do more name-calling than conservatives, it's just an example of name-calling to say that they do. Anne Coulter, in a book that criticizes liberals for the same thing, referred to Katie Couric as "an affable Eva Braun." How is that not name-calling? - Allen