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| Economy Has Strong Showing in Summer |
| 2007-11-29 |
| WASHINGTON (AP) - The economy barreled ahead in the summer, growing at a 4.9 percent pace. The performance was the strongest in four years, BUT isn't expected to last through the current quarter amid the continuing housing slump and credit crunch. Quagmire! The Commerce Department's new reading of the gross domestic product from July through September, released Thursday, was even better than the government's initial estimate of a brisk 3.9 percent growth rate for period. Stronger U.S. exports to overseas buyers and more inventory investment by businesses were the main reasons for the improvement. The big pickup in GDP, though, didn't change the picture forming in the current October-to-December quarter. And that scenario is somewhat grim, with indications the economy will lose considerable steam. Growth is expected to slow to a pace of just 1.5 percent or less in the final three months of this year. GDP is the value of all goods and services produced within the United States and is the best measure of the country's economic health. |
| Posted by:anonymous5089 |
| #1 But, but.... The falling dollar, NAFTA, Credit Crunch etc, etc. We're doomed! The end is nigh! /sarc Either that, or we're looking at a better than expected 4th quarter and strong market returns for the next 3. |
| Posted by: Mike N. 2007-11-29 15:18 |