November 30, 2005

Economy Powers To 4.3% GDP Growth, Despite Hurricanes
— Ace

Ka-ching:

WASHINGTON (AP) -- The economy grew at a lively 4.3 percent pace in the third quarter, the best showing in more than a year. The performance offered fresh testimony that the country's overall economic health managed to improve despite the destructive force of Gulf Coast hurricanes.

The new snapshot of economic activity, released by the Commerce Department on Wednesday, showed the growth at an even faster pace than the 3.8 percent annual rate first reported for the July-to-September quarter a month ago.

...

"In anybody's book this is an outstanding performance for the economy," agreed Ken Mayland, president of ClearView Economics.

...

The third-quarter's showing marked a sizable pickup from the 3.3 percent increase in gross domestic product registered in the second quarter of this year.

...

The upwardly revised reading for GDP in the third quarter also exceeded the expectations of business analysts. Before the report was released, they were forecasting the economy to clock in at a 4 percent pace.

...

When the government's new employment report for November is released Friday, many economists are forecasting a healthy rebound, with the economy adding more than 200,000 jobs during the month.


Ka-zungas:


My clevage also deepened at a 4.3% rate.

Posted by: Ace at 08:24 AM | Comments (23)
Post contains 218 words, total size 2 kb.

1 This is the worst economy since the Depression.

Posted by: John F Kerry at November 30, 2005 08:43 AM (ieXAV)

2 Did you discontinue the cowbell?

Posted by: Jason in TX07 at November 30, 2005 08:45 AM (FrmV1)

3 Yeah, fuckin'a A, Uncle Hillary, and others nodded their head wisely, that Bush's tax cuts for the wealthiest 1% of Americans would lead to the next Great Depression.

And, based on all that advice, I sold all my stocks, getting ready to position myself to buy cheap when the stock market hit 5000. Stoopid Hillary. When will Bush finally pay the price for relying on market driven economic principles? Why is he sooo lucky!!!!!!

Oh, and WP=WMD => Iraq=WMD

Posted by: joeindc44 at November 30, 2005 08:49 AM (8TcCs)

4 Funny, The N.Y. Times looks as these indicators yesterday, summing them up in an article's opening paragraphs.

So where does the rest of article go? Here's a hint:

But as always with the United States economy, it is not quite that simple. ...

Ah, thank goodness for the N.Y. Times. They make economics easy. With a R. in the WH, it's either "Numbers indicate bad times" or "Numbers belie bad times ahead."

Posted by: Dr. Reo Symes at November 30, 2005 08:58 AM (kUNrb)

Posted by: Zorachus at November 30, 2005 08:59 AM (yJ5ul)

6 Dang. Beaten to the punch by the good Doctor.

Posted by: Zorachus at November 30, 2005 09:01 AM (yJ5ul)

7 But what if I used the NYT's as investing advice???????

Posted by: joeindc44 at November 30, 2005 09:02 AM (8TcCs)

8 What kills me is that if Kerry had been elected, he would be claiming that this good news was his doing.

Posted by: Lipstick at November 30, 2005 09:23 AM (uXjP7)

9 I noticed yesterday that regular unleaded has fallen to $1.93/gallon. So I'm glad to see Halliburton finally opened up all the valves in Iraq.

bout damn time.

Posted by: Dave in Texas at November 30, 2005 09:28 AM (pzen5)

10 When your lead economic prognosticator is Paul Krugman you're bound to have a hard time understanding positive economic news.

It honestly baffles me how these people stay employed much less get prestiguous teaching positions at places such as Princeton. When was the last time Krugman was right, about anything? And yet if anything his star is brighter than ever at the NYT.

I think this dovetails nicely with Dr. Symes previous post on political prognosticators. At the end of the day people vote on economic and security issues. The left has been consistently wrong on these issues for years hence their minority party status.

The NYT is entertaining to read although probably not in the way they intend. But the day I decide to take their advice on issues of economics, well forget it, that day ain't coming.

Posted by: JackStraw at November 30, 2005 09:50 AM (wxnhi)

11 Jason in TX07:

Technically, those bohonkus mojombos that Ace highlighted are indeed "cowbells" if you are into euphemisms for tits as much as I am.

Posted by: Sharkman at November 30, 2005 10:30 AM (h4Il9)

12 Thanks for the good news babe Ace. I read about the economy in the Corner and headed over here to read your take on the news. You sure don't disappoint. Unfortunately, I'm easily pleased.

Posted by: Dale at November 30, 2005 10:33 AM (VE3QR)

13 I love unintentional parody:

"While neither he nor others expect that activity to dry up, even a modest tapering off could knock growth down a peg or two. Mr. Shapiro, for one, says growth could drop from 3.5 percent in 2005 to 3.2 percent in 2006."

3.3
2.7
4.0
2.5
3.7
4.5
4.2
4.5

What do these numbers have in common? They are the GDP numbers from the ClintonMiracleEconomy (via www.bea.gov)

Posted by: Ayes of Death David at November 30, 2005 11:04 AM (Hj9yW)

14 Technically, those bohonkus mojombos that Ace highlighted are indeed "cowbells" if you are into euphemisms for tits as much as I am.

you mean like, check out those udders?

Posted by: Dave in Texas at November 30, 2005 11:28 AM (pzen5)

15 "In spite of hurricane Katrina"

Actually, it is BECAUSE of Karina.
Spending to avoid and repair damage is driving the economy upwards.

Posted by: j.pickens at November 30, 2005 11:49 AM (bGelp)

16 Cowbell?

Posted by: Rusty at November 30, 2005 12:34 PM (JQjhA)

17 Darn, Dave, it's still like $2.20 a gallon up here in VT. Always a little pricier here in the boonies.

Posted by: Mark_D at November 30, 2005 12:51 PM (BnZUW)

18 yeah Mark, there are certainly variances state to state.. but how high was it there? we hit a post-Katrina high of $2.91/gallon locally. It's fallen almost a buck here, and is about .37 cents/gallon higher than it was a year ago.

2006 elections coming up. I question the timing.

Posted by: Dave in Texas at November 30, 2005 01:02 PM (pzen5)

19 Dave & Mark,
Gas in KC,MO now down to $1.85 per gal. What has been so surprising is the cost of diesel. 3 weeks ago diesel was $3.69 per gallon while gas was hovering at $2.00+ per gal. Diesel now at $2.25 per gal & still falling.

Look for $1.45 per gal or less fuel by mid Feb.

Posted by: rls at November 30, 2005 02:03 PM (Lh7Vt)

20 Cowbell?

Personally, I vote to retire the cowbell in favor of Austrian kazungas.

Posted by: Michael at November 30, 2005 02:31 PM (pRtzm)

21 rls, so it really is a fungible commodity, like they taught us in school?

read an article in an industry rag last month about Citgo (wholly owned by PDVSA and Hugo Chavez).. they are having some challenges. 7 Eleven's contracts are up next year and we do not think they will renew. PDVSA's production is down 30% from 5 years ago. They lose a big chunk of the US market, they'll have to ship it to China. Who has no refineries that can process the heavy sweet Venezuealan crude.

I hate that for the little dictator, I really do.

Posted by: Dave in Texas at December 01, 2005 04:10 AM (pzen5)

22 >>
Personally, I vote to retire the cowbell in favor of Austrian kazungas.
>>

Amen. Hey, I liked the old Drudge-y siren. And I loved the cowbell. But the Austrian fraulein, well, she holds a special place in my heart and whatever. Yowza.

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Posted by: doinggo at March 08, 2010 04:50 PM (xo9r7)

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