Economy keeps chuggin' along
OK, how did the Democrats in Congress let this happen?
The economy expanded faster than expected in the third quarter, led by a surge in consumer spending and exports, the government reported today. But housing expenditures plunged, and economists remained wary about the outlook for the next few months as the market awaits the Federal Reserve's decision on interest rates at 2:15 p.m. today.
The 3.9 percent annual growth rate compared with 3.8 percent in the second quarter and 0.6 percent in the first quarter. The report from the Commerce Department is a preliminary estimate of gross domestic product in July through September, a volatile period that included the bleakest moments of the summer's subprime mortgage collapse. ...
...today's G.D.P. report presents a more cheerful view of the economy. The growth rate was the fastest since the first quarter of 2006. Consumer spending expanded at more than twice its rate in the second quarter, rising 3 percent after a 1.4 percent gain in the second quarter with a surge in sales of big-ticket products like appliances and furniture. Businesses spent more, too, with producer expenditures growing at a 7.9 percent annual rate, down slightly from 11 percent in the second quarter.
Of course, any story with good news, especially good news that liberals don't expect, has to be couched in the opening paragraph with language like "economists remained wary". But remember Ronald Reagan's definition of an economist as someone who "sees something work in practice and wonders if it would work in theory". So true.