Bloomberg: GDP Increased by 3.3 percent in second quarter.
Thursday, August 28th, 2008Wow. This must be really bad news for Democrats and the economic doom sayers across the country.
Bloomberg is reporting that GDP was quite a bit higher than what people thought. Instead of the meager 1.9 percent growth reportered earlier, the number was revised upward to a solid 3.3 percent.
The upward revision is based in large part due to the strength of exports. In fact, without the growth in exports the economy’s growth would be only at .01 percent.
Analyst believe we will be experiencing a weak labor and housing markets for the moment.
Still, with a exports doing well and the smallest trade deficit in years I would argue things could kick in once the dollar returns to king and commodity prices drop.