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Economy Grows at Steady Pace at End of 2004
By JEANNINE AVERSA (Direct descendent of Karl Marx! - tha malcontent)
AP Economics Writer Mar 30, 4:45 PM
EST
WASHINGTON (AP) � The economy � supported by
solid business and consumer spending � grew in the closing three months of 2004
at an annual rate of 3.8 percent. It's expected to perform even better in the
opening quarter of this year.
(ap) - Where in the hell has this
great economic news been today? Obviously I found it, but I looked for it!
For those of you who do not know, the final quarter of 2004 was exactly the same
quarter that this Country had a Presidential Election in. Do any of you remember
hearing anything resembling good news regarding the economy last fall before the
Election?... Of course not. We were blessed with an ever-obedient DNC
Parrot of a "Free Press" telling us what a horrible job Bush (43) was doing with
the Economy, and allowing the most Asinine comparisons onto the Public airwaves
like, "The worst Economy since Hoover!"... If they had any shame. For a
comparison, remember back to the "booming 90's", and the "great economy" that
got Clinton reelected in 1996. The overall average growth in 1996 was
3.7%, as compared with 4.4% in 2004. But more specifically, the 3rd
quarter of each year, the quarter closest to the Election with complete data,
reflected a 3.4% growth rate leading up to Clinton's re-election, while the 3rd
quarter of last year leading up to that eection was 4.0%. Now tell me, how
can the "Free Press" be seen as objective considering how they reported on both
periods? For more on growth rates according to the data released today by
the Commerce Department, and previous years dating back to 1930, click this:
http://www.bea.doc.gov/bea/dn/gdpchg.xls One more note, the
unemployment rate leading up to the election in 1996 was 5.6%, while in 2004 it
was 5.4%. Considering these Facts, any reference to Hoover during the last
election can only be seen as Proof that the "Free Press" is batting for one side
over the other in this Political system! If you continue to deny this
Reality, then you are probably part of the problem. - tha malcontent)
The reading on the gross domestic product, released by the Commerce Department
on Wednesday, turned out to be the same as a previous estimate made a month ago.
(The AP's economists got it right
this time, shocking! - tha malcontent)
Before Wednesday's report was issued, some economists were forecasting economic
growth for the October-to December quarter of 2004 to be revised slightly higher
to a pace of 4 percent. That would have matched the economy's growth rate in the
third quarter of last year.
(And to ad to the AP's meaningless
addition of "slightly" negatively intended information, the 3rd quarter of 2003
saw a 20 year record growth rate of 7.4%, followed by substantial job growth in
2004... The AP all but disregarded that great news in favor of "slow job
growth". Of course, that was "slow job growth" that came as a result of an
economic slowdown in 2000 under Clinton, that was then followed by a Recession
40 days after Clinton Left Office, that was then followed by the 11th, and two
Wars. Considering what Bush (43) was handed entering Office, America is
doing "great" by Honest standards. Clinton inherited a growing economy and
handed off a Recession... Riding waves and taking credit given by an obedient
media, is one way to build a (l)egacy... I guess. - tha malcontent)
GDP, the broadest gauge of the economy's fitness, measures the value of all
goods and services produced within the United States.
The fourth quarter's economic performance was admirable, analysts said. "The
economy is not sprinting but it is jogging along nicely," said Ken Mayland,
president of ClearView Economics.
("Sprinting" is usually followed by
an abrupt stop... Hmmm... I wonder, what happened the last time the economy was
"Irrationally Exuberant" and "sprinted"?... Oh yeah, it came to a screeching
halt and actually went into reverse in the form a Recession! I will take a
healthy, consistent, Rational jog any day! - tha malcontent)
On Wall Street, stocks rose. The Dow Jones industrials gained 44 points and the
Nasdaq index was up 9 points in morning trading.
For the current January-to March quarter, the economy is expected to grow at a
rate of around 4 percent or slightly faster, according to some analysts'
projections. Economic growth probably will slow a bit in the April-to-June
period but still be healthy, they said.
(The AP is not as negative as they
have been... We may see 5% this quarter. Stay tuned! - tha malcontent)
Feeling good about the economy's growth but concerned about the prospects of
inflation taking off, Federal Reserve policy-makers at their March 22 meeting
boosted short-term interest rates for a seventh time since last June, when the
Fed's rate-raising campaign began.
Fed policy-makers also sent a strong signal that further rate increases were
likely in the months ahead to combat unwanted inflation.
An inflation gauge tied to the GDP report and closely monitored by the Fed
showed prices � excluding food and energy � rising at a rate of 1.7 percent in
the final quarter of 2004. That was up from a previous estimate for the quarter
and marked a big pickup from the 0.9 percent increase registered in the third
quarter.
(Not all indicators in an economy
can be good, and the AP will always have something bad to say regarding the
economy, at least while "the other Party" is in Power. There is one thing
for sure, in 2000, the "Free Press" ignored the slow down in the economy, the
loss of manufacturing jobs, and the prospect of Recession... When then
Governor Bush pointed it out, using the Facts, they Attacked him for "talking
the economy down". Of course, they did this in the form of redundantly
quoting their Party, as they always do! "We didn't say it, we were just
quoting Algore and Ted Kennedy.", they would say if pressed, but won't be! - tha
malcontent)
The Fed, at the March meeting, said the economy is growing "at a solid pace
despite the rise in energy prices." Oil prices, which surged late last year and
recently hit record highs, have retreated some in recent days.
(Even at it's peak it was more,
adjusted for inflation, in 1981... But why would the AP want to point that out!
- tha malcontent)
The Fed also said that "labor market conditions continue to improve gradually."
The overall economy has performed better than the jobs market, where progress at
times has been uneven.
The economy added a sizable 262,000 jobs in February, the most since October.
Analysts are hopeful that another 220,000 were created in March, when the
government releases a new employment report on Friday.
(While our "allies" Germany and
France are experiencing 10%+ unemployment, Germany's is at 12.4%. You
would think we were at 12.4%, instead of 5.4%, the way "Free Press" reported it
last fall! - tha malcontent)
President Bush wants to see the economy and the jobs situation on firm footing
as he tries to sell the American public on his vision of overhauling Social
Security. A cornerstone of his plan would allow workers to set up individual
investment accounts in stocks and bonds, using a big chunk of payroll taxes to
do that.
(Are we going to Debate Bush (43)'s
plans for Social Security now, AP? "...using a big chunk of payroll taxes
to do that."... Someone is sounding like they have a "big chunk" of an Opinion!
- tha malcontent)
In the GDP report, consumer spending, the lifeblood of the economy, grew at a
4.2 percent rate in the final quarter of 2004. That was the same as a previous
estimate for the quarter and down from a 5.1 percent growth rate in the third
quarter of last year.
Business spending on equipment and software increased at a whopping 18.4 percent
pace in the fourth quarter. That was better than a previous estimate and up from
a 17.5 percent pace in the third quarter.
(Business spending increasing at a
"whopping 18.4%" will more likely than not lead to business hiring increasing. -
tha malcontent)
Some economists said they'll be looking closely to determine whether high energy
prices make consumers and business cautious, something that could slow economic
growth.
One measure of after-tax profits in the GDP report showed profits rebounding in
the final quarter of 2004. They grew by 12.5 percent, compared with a decline of
4.2 percent in the third quarter. Handsome profits should help companies cope
with the impact of high energy prices as well as rising prices for other goods,
including raw materials, some analysts said.
(Don't forget about hiring!... Oh
forget it! - tha malcontent)
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