Thursday, October 30, 2003

Economy at 7.2%?? Posted here Thursday, October 30, 2003 at 10:48:45 AM     Getting an accurate grasp of the economy.Detailswill be important.For example,half of consumer spending is for overseas products, much of it China.Building boom is part of building inlation.Rise in manufaturing and software is solid. Economy Grew at 7.2% Rate in 3rd Quarter, Fastest Since 1984 By DAVID LEONHARDT Published: October 30, 2003 he economy expanded during the three months that ended in September at the fastest rate since 1984, the government reported today, offering hope that the long economic malaise has finally ended. Consumer spending soared, foreigners bought American-made goods at a surprising clip, and companies increased their investments in buildings, equipment and technology at a pace reminiscent of the late 1990's boom. While welcoming the report as a sign of strength not seen since 2000, economists also cautioned that growth was almost certain to slow in the months ahead, as the effects of the the recent tax cut and a surge in mortgage refinancing wear off. The last paragrph has With the help of the refinancing, the tax cut and hourly wages that have continued to rise faster than inflation, consumers played the starring role in the most recent quarter. Their purchases of long-lasting, expensive items known as durable goods — like cars, which continue to be heavily discounted — rose 26.9 percent. If cars are discounted tha may mena at cost or een below, and much ofthose sales are for imports. On balance hard to read.  the stock market is not up alot . ********