Inconsistent chatter from a Sacramento-based 'Sconi attorney.

Thursday, November 29, 2007

U.S. GDP revised up to 4.9% for third quarter

The U.S. economy expanded at the fastest pace in four years during the third quarter, growing at a real annual rate of 4.9%, the Commerce Department said Thursday in making its second estimate of growth for the three-month period. The upward revision to gross domestic product was due to larger inventory building and a better trade balance.

Of course pessimistic analysts do not believe that this trend will continue into the current quarter. Economists expect a sharp slowdown in the current quarter. "Getting optimistic after this GDP report, requires a heavy dose of drug-induced euphoria," wrote Robert Brusca, chief economist for FAO Economics. "The stellar 4.9% growth rate in the third quarter may have been the last hurrah for the expansion," said Nigel Gault, U.S. economist for Global Insight.

Of course. We cannot be optimistic about our current situation. Not while a certain W character is in the White House.

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