Economy's rebound not as strong as first thought

News Type: Event — Seeded on Wed Nov 25, 2009 11:50 AM EST

Article Source: apnews.myway.com

The economy grew at a 2.8 percent pace last quarter, as the recovery got off to a slower start than first thought.

The Commerce Department's new reading on gross domestic product wasn't as energetic as the 3.5 percent growth rate for the July-September period estimated just a month ago.

The main factors behind the downgrade: consumers didn't spend as much, commercial construction was weaker and the nation's trade deficit was more of a drag on growth. Businesses also trimmed more of their stockpiles, another restraining factor.

The new reading on GDP, which measures the value of all goods and services produced in the United States - from machinery to manicures - was a tad weaker than the 2.9 percent growth rate economists surveyed by Thomson Reuters had expected.

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{"commentId":10890585,"authorDomain":"247"}

Prophat247

Too bad Pres. Obama and the Democrats won't take anything away from these results. Remember VP Biden's quote, "the first stimulus worked so well, we are thinking of doing another one."

Most say they think the economy will weaken again next year, with growth at a pace of around 1 percent as the impact of the $787 billion stimulus package fades and consumers keep tightening their belts under the strain of high unemployment and hard-to-get credit.

You can't spend money like a drunken sailor on liberty to get out of this recession. We need real tangibles like tax cuts, cut spending on social programs, stop the health care reform bill, stop Cap & Trade, etc.

Did Pres. Obama listen to himself when he spoke in China about reducing our deficit and national debt? Or were those just empty words to appease the Chinese?

{"commentId":10890585,"threadId":"732637","contentId":"3544492","authorDomain":"247"}

1 vote

#1 - Wed Nov 25, 2009 11:54 AM EST

{"commentId":10891742,"authorDomain":"b-shaughnessy"}

More Than Happy

We need real tangibles like tax cuts, cut spending on social programs, stop the health care reform bill, stop Cap & Trade, etc.

You mean every Republican's wet dream? You people had your time stewarding the economy, you drove it into the ground with a giant speculation bubble. We've got to spend SOME money to get out of this recession, it's not going to fix itself for free.

{"commentId":10891742,"threadId":"732637","contentId":"3544492","authorDomain":"b-shaughnessy"}

#1.1 - Wed Nov 25, 2009 12:41 PM EST

{"commentId":10892199,"authorDomain":"247"}

Prophat247

And the Democrats had control of the Congress during Pres. Bush's last two years, but I guess that means nothing to you. They destroyed the economy, not the Republicans or Pres. Bush!

For example, you can link Barney Frank and Chris Dodd directly to the housing problems. What Republicans can you link to that?

{"commentId":10892199,"threadId":"732637","contentId":"3544492","authorDomain":"247"}

1 vote

#1.2 - Wed Nov 25, 2009 12:59 PM EST

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	Consumers log stronger-than-expected spending rise	Associated Press	Wed Nov 25	2
	Good news raises hopes recovery won't fizzle	Associated Press	Mon Nov 23	1

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Economy's rebound not as strong as first thought

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