Lots of Good Economic News in One Place

This Associated Press piece:

The efficiency of American workers rebounded in the opening quarter of this year, growing at an annual rate of 3.2 percent. Wages rose at a brisk pace.

….. In other economic news, shoppers seemingly undeterred by rising gasoline prices spent energetically in April, giving retailers strong sales for the month.

Wal-Mart Stores Inc., Costco Wholesale Corp., Nordstrom Inc., Abercrombie & Fitch Inc. and Limited Brands Inc. were among the merchants reporting better-than-expected results.

….. New claims for unemployment benefits rose last week by 5,000 to 322,000, the Labor Department said in a separate report. Although jobless claims went up last week, the overall level still pointed to a good job-market climate.

….. Hourly compensation in the first quarter increased at a 5.7 percent rate — more than twice as rapidly as the 2.7 percent growth rate in the previous quarter.

That, along with the 4.8% initial estimate of 1st Quarter 2006 GDP growth, is a lot of good news, especially for an economy that 30% of those polled STILL think is in a recession:

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UPDATE: Although the retail news is still good after considering it, you have to remember that Easter was in April this year and March last year. Plus April had five Saturday-Sunday weekends.

UPDATE 2: This Reality Check from the Media Research Center, about how the WORMs (Worn-Out Reactionary Media, known to most as The Mainstream Media) are focusing on high gas prices to the exclusion of the plethora of other good news, is absolutely, completely and totally spot-on:

During the Clinton years, network journalists argued (correctly) that strong economic growth, a rising stock market, low unemployment and low inflation were the benchmark indicators of a good economy. Today, economic growth is a phenomenal 4.8 percent, the stock market has been climbing for three straight years, and inflation and unemployment are both low.

But instead of trumpeting the amazing “Bush economy,” TV news has downplayed this recent good news while hyping the bad news of rising fuel costs. Indeed, a new Media Research Center study suggests the broadcast networks are not just noting the discontent about prices but actively stoking public outrage.

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