April 28, 2006

1st Quarter 2006 Preliminary GDP Growth at 4.8%

Filed under: Economy,MSM Biz/Other Bias,Taxes & Government — Tom @ 9:55 am

I’ll take it, but I wish Treasury Secretary Snow hadn’t predicted 5%, though revisions could push the figure higher.

Obviously this is very good news, which of course means that the “objective” AP has to remind us that a good economy supposedly hasn’t helped Bush’s popularity in a report that is only supposed to be about the economy:

Economy Rebounds Smartly in 1st Quarter

Casting off an end-of-year lethargy, the U.S. economy bounded ahead in the opening quarter of this year at a 4.8 percent pace, the strongest growth spurt in 2 1/2 years.

The latest report on the economy, released by the Commerce Department on Friday, showed that consumers, businesses and government all did their part in terms of robust spending and investment to spur a healthy pace of growth in the January-to-March quarter.

The 4.8 percent increase in the gross domestic product marked a vast improvement from the feeble 1.7 percent annual rate registered in the final quarter of 2005, when fallout from the Gulf Coast hurricanes, including high energy prices, prompted people and companies to tighten their belts.

The GDP measures the value of all goods and services produced within the United States and is considered the best barometer of the economy’s fitness.

“The economy is off to a strong start in 2006 and has fully rebounded from the fourth quarter’s setback,” said Stuart Hoffman, chief economist at PNC Financial Services Group.

The first quarter’s performance — the best showing since the third quarter of 2003 — was close to economists’ expectations. Before the report was released, private analysts were forecasting the economy to clock in at a 4.9 percent growth rate.

A recent spate of good economic reports, however, hasn’t helped President Bush’s standing with the public. He is shouldering his lowest-ever job approval rating, at 36 percent, according to an AP-Ipsos poll.

If the poll numbers are to be believed, it’s partially because the WORMs (Worn-Out Reactionary Media, known to most as The Mainstream Media) rarely if ever acknowledge how good this economy is.

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