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U.S. Q4 GDP grows 3.1%, slowest in 7 quarters

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cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 07:41 AM
Original message
U.S. Q4 GDP grows 3.1%, slowest in 7 quarters
U.S. Q4 GDP grows 3.1%, slowest in 7 quarters

By Rex Nutting
WASHINGTON (MarketWatch) -- Growth in the U.S. economy slowed in the fourth quarter to a 3.1 percent annualized rate, the weakest growth in seven quarters, the Commerce Department said Friday. For all of 2004, the economy grew 4.4 percent, the fastest real growth since 1999's 4.5 percent. Economists were expecting gross domestic product growth to clock in at a 3.6 percent annual rate in the fourth quarter. In the fourth quarter, consumer spending and business investment contributed the biggest shares to growth. Despite a weaker dollar, international trade subtracted from GDP. Inflation rates increased slightly, but remained within the Federal Reserve's target zone

snip

http://www.marketwatch.com/news/newsfinder/pulseone.asp...
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Bob3 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 07:43 AM
Response to Original message
1. And again the only ones surprised are the economists
Medieval barbers the lot of them.
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ProfessorGAC Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:44 AM
Response to Reply #1
11. Not The Lot Of Us
There are people right here at DU who disputed my contention that growth was not accelerating. So far, there has been NO growth. The growth rate discussed is the compounding of population growth times (CPI + Direct Energy Costs). That comes in at EXACTLY what Treasury claims in 2004 nominal growth. On top of that, take away $200 billion of gov't spending on Iraq and Afghanistan (off-budget, i might add) and the economy is contracting in real terms.

All of us are not medieval barbers. Some of us are highly educated mathematicians that know how to analyze data. Alas, the barbers all work for Treasury.
The Professor
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WCGreen Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 07:44 AM
Response to Original message
2. Thank god that Bush Economic Miracle is working as well
as it is......

One step forward, two steps bak.....
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whistle Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 07:46 AM
Response to Original message
3. How about inflation wasn't that around 3.0% to 4.0% last quarter
....we need real sustained growth of 4% to 6% if this economy is to create the number of jobs necessary to bring the average workers back to where they were 5 years ago. Besides, most of the economic growth has been in military spending, a classic guns and butter issue, leaving our nation as a whole no better off and much hungrier than we were before Bush and his neo-conservative cabal took over.
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papau Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 07:51 AM
Response to Reply #3
5. it is hard to resell a used bomb - so it really doesn't generate as much
economic activity as a car.
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cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 07:47 AM
Response to Original message
4. Dollar falls vs. euro, trims yen gain on U.S. GDP
Dollar falls vs. euro, trims yen gain on U.S. GDP
By Rachel Koning

CHICAGO (MarketWatch) -- A weaker-than-expected gain in U.S. gross domestic product in the fourth quarter dented the dollar. The greenback was quoted at 103.34 yen ahead of the report showing a 3.1 percent rate of U.S. economic growth, not the 3.6 percent expected. The dollar then moved back to 103.16 yen, although is still higher by 0.3 percent from where it stood late Thursday. The euro improved to $1.3061 from $1.3025 before the report. The euro is up 0.2 percent against its U.S. counterpart from Thursday.

http://www.marketwatch.com/news/newsfinder/pulseone.asp...
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Rainscents Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 08:04 AM
Response to Original message
6. Recession is here...
but it seems that, no one is seeing it yet. I guess, Federal Reserve is waiting for Greenspan to retire on '06 before announcing that we are in recession. My understanding is, Greenspan hates to raise the interest rate to create recession. Well, someone have to start doing it before this country head to train wreck. :crazy:
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chelsea0011 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 08:17 AM
Response to Reply #6
7. And Bush will be asking for tax cuts for rich to fend it off
As he always says, think how bad the last recession would have been if not for the last tax cuts.
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ProfessorGAC Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:52 AM
Response to Reply #6
12. The Recession Never Ended
Don't believe the hype. The real growth rate has been running at at least 22.4% below the 20 year average since Q3 2001. The overall curvature of the real growth rate is so flat that the equation is meaningless. It almost defines a straight line as d(x)/d(y). Given that the population is growing, that should never happen. But it has.

The 20% of economists in the "analytical" category (of which i am one) have been saying this for 3+ years. But, the paper keeps printing the opinion of the harlots at Treasury.
The Professor
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fertilizeonarbusto Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 08:50 AM
Response to Original message
8. Thank God for our wise leadership!!!!!!!!!!!!!!!!!!!!!!!!!!!
Life is better than ever, woo-hoo!!!!!!!!! :silly:
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Yavin4 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:05 AM
Response to Original message
9. Here's What's Worse
Typically, the 4th quarter is the best economic quarter of the year. The 4th Q encompasses Oct, Nov, and Dec. These are high travel months, high retail inventory months, and high retail sales months. Also, employment is higher because of the additional staffing.
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cthrumatrix Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Jan-28-05 09:35 AM
Response to Reply #9
10. sec Snowjob is "on the case".... up is down...black is white
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