Some words and phrases from this Reuters story about the morning’s GDP numbers:
stronger demand for automobiles …
surge in consumer spending …
somewhat better picture of growth …
Consumer spending which accounts for about 70 percent of U.S. economic activity, increased at a 2.9 percent rate – the fastest pace since the fourth quarter of 2010.
Americans stepped up spending on automobiles …
Inventories also helped GDP growth …
surge in consumer spending …
somewhat better picture of growth …
Consumer spending which accounts for about 70 percent of U.S. economic activity, increased at a 2.9 percent rate – the fastest pace since the fourth quarter of 2010.
Americans stepped up spending on automobiles …
Inventories also helped GDP growth …
So, do we break out the Veuve and sing “Happy Days Are Here Again”?
Not so much. The headline for the story reads:
Growth slows on inventories, weak business spending
And the essential datum is:
Gross domestic product expanded at a 2.2 percent annual rate …
Which, in technical language, means the economy is still bad.
