Thursday, August 28, 2008

Second-quarter GDP revised up to a surprising 3.3% annual growth

But Shepard Smith told us the economy was "in tatters"?????

NEW YORK ( -- A revised reading on gross domestic product announced Thursday showed much better U.S. economic growth than previously reported for the second quarter.

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.
In a related story Barack Obama was seen to have been beating his head against a concrete wall upon hearing of the news.

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