NEW YORK (CNNMoney.com) -- A revised reading on gross domestic product announced Thursday showed much better U.S. economic growth than previously reported for the second quarter.In a related story Barack Obama was seen to have been beating his head against a concrete wall upon hearing of the news.
GDP, the broadest measure of the nation's economic activity, stood at an annual rate of 3.3% in the quarter, adjusted for inflation, the Commerce Department said.
The revised results far surpassed the initial advanced estimate of 1.9% released late last month, which disappointed economists.
Many experts say the more than $90 billion in economic stimulus checks that reached taxpayers during the quarter helped boost GDP up from just 0.9% growth in the previous quarter.
Thursday, August 28, 2008
But Shepard Smith told us the economy was "in tatters"?????
Posted by traderrob at 5:40 AM