June 29, 2005

HEY, AL, THE 70s ARE OVER:

Economy's growth is better than expected (JEANNINE AVERSA, 6/29/05, Associated Press)

The economy logged a solid 3.8 percent growth rate in the first quarter of 2005, a performance that was better than previously thought and a fresh sign the expansion is on firm footing.

The new reading on gross domestic product, released by the Commerce Department on Wednesday, marked an improvement from the 3.5 percent annual rate estimated for the quarter just a month ago and matched the showing registered in the final quarter of 2004. [...]

"It was a solid quarter, particularly in the face of high and rising energy prices," said Mark Zandi, chief analyst at Economy.com. "It illustrates the resilience of the economy and the durability of the current economic expansion."
Yes, twenty-plus years of uninterrupted economic growth would seem to be telling us something...

Posted by Orrin Judd at June 29, 2005 9:06 AM
Comments

I pity Krugman's cat.

Posted by: Gideon at June 29, 2005 11:44 AM

Please note also that this morning's Wall Street Journal lead editorial caution that the Fed should stop (inevitable) inflation before it happens.

Posted by: Qiao Yang at June 29, 2005 11:52 AM

Please note also that this morning's Wall Street Journal lead editorial cautions that the Fed should stop (inevitable) inflation before it happens.

Posted by: Qiao Yang at June 29, 2005 11:53 AM

"Economy's growth is better than expected." Ah, the frisson I get from imagining the AP editor's temple throbbing as he wrote that.

Posted by: Tom at June 29, 2005 12:31 PM
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