June 29, 2006
— Ace First quarter growth revised up to a sizzling 5.6%.
Once again, the predictable headline:
Economy Growth Boils in 1st Quarter but Has Flashed Signs of Cooling Since Then
Of course it's cooling, morons. Only developing nations are able to sustain such high growth rates for more than a quarter or two.
And how much is it cooling? Well, down a positively chilly 2.5% to 3% rate of growth, better known as "solid growth."
Fresher barometers, however, suggest the economy is slowing.
In a separate report, the Labor Department said new claims filed for unemployment benefits last week rose by 4,000 to 313,000 -- a bit more than economists were expecting.
Analysts believe economic growth in the April-to-June quarter could turn out to be half the pace of the first quarter's. They are predicting growth in the range of 2.5 percent to 3 percent. High energy prices and a more moderate housing market will play roles in the expected slowdown.
"I think the economy is moving from a boil to a simmer," said Richard Yamarone, economist at Argus Research.
* readies kleenex *
Posted by: Evil Chihuahua at June 29, 2006 10:04 AM (mAhn3)
"Housing sales down 1% as market dwindles."
Posted by: The Machine at June 29, 2006 10:08 AM (L/jMX)
Posted by: Gabriel Malor at June 29, 2006 10:09 AM (xc1aK)
Posted by: MH at June 29, 2006 10:26 AM (nlOl+)
*looks for a rope*
Posted by: Dave in Texas at June 29, 2006 10:26 AM (Hocvw)
...of course some states might be dumb enough to give unemployment to illegals too.
Posted by: Purple Avenger at June 29, 2006 10:27 AM (JuWpl)
Posted by: AlexC at June 29, 2006 10:44 AM (vz7vD)
Damned selfish conservatives.
Posted by: Kevin at June 29, 2006 10:54 AM (++0ve)
I'm going retro and tossing myself off a tall building.
Posted by: Hoodlumman at June 29, 2006 10:56 AM (1iJzK)
Posted by: robert108 at June 29, 2006 11:35 AM (OhUXH)
Posted by: chris at June 29, 2006 12:12 PM (uwYCg)
Posted by: Kralizec at June 29, 2006 01:34 PM (m5x6c)
Posted by: Christopher Taylor at June 29, 2006 02:54 PM (Pwzb0)
Posted by: Tom M at June 29, 2006 04:00 PM (ARXgj)
Which isn't too much worse than a Perkins student loan at 5%. And definitely better than 9.5%.
Apparently folks liked it today, since most major indices went up about 2% today despite the .25% rate hike. Makes it hard to spin everything as bad news when lots of folks make money.
Posted by: Francase at June 29, 2006 05:33 PM (Ub9B8)
Posted by: Christopher Taylor at June 29, 2006 07:18 PM (Pwzb0)
Posted by: SicSemperTyrannus at June 30, 2006 12:44 AM (lNB+R)
Posted by: Sinner at June 30, 2006 02:55 AM (QDoaV)
Posted by: spurwing plover at July 02, 2006 02:06 PM (S97cI)
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