Wednesday, September 29, 2004

Revised GDP Numbers: Good for You, Bad for Kerry

Revised GDP growth numbers for the 2nd quarter of this year were published this morning. Last month, GDP growth for Q2 was reported to be 2.8%, which was disappointing news to economists, who had projected 3.0% growth. The John Kerry campaign was all-too-happy to pounce on the numbers. Said Kerry's spokesman, Phil Singer:
    "The ink on George Bush's economic record is starting to dry. These GDP numbers are the latest piece of evidence that George Bush is misleading Americans when he says the economy has turned the corner.

Flash forward to today, and the Commerce Department reports final numbers for second quarter GDP growth. It turns out that our economy expanded at a 3.3% annual rate, much stronger than previously reported and stronger than economists had forecasted for the quarter. Key drivers behind the revision were upward revisions in US export figures, as well as a downward revision in US import figures for the quarter. USANow would like to ask Phil Singer: Tell me again who is misleading us on the economy?

No comments: