U.S. Growth Slows in Quarter

[ALago1]

The U.S. economy grew much more slowly than previously thought in the first quarter and inflation was higher, a government report showed yesterday.

The Commerce Department surprised economists with a downward revision to first-quarter gross domestic product, cutting economic growth to a 3.9-per-cent annual rate from the 4.4-per-cent reported a month ago. Wall Street analysts had not expected the Commerce Department to change the GDP estimate.

While 3.9 per cent is still a solid pace, the revision cut GDP to below the 4.1 per cent seen in the last quarter of 2004.

More: http://www.theglobeandmail.com/servlet/ArticleNews/TPStory/LAC/20040626/RBRIEFGDP/TPBusiness/International

[shockingelk]

1. a timewarp, too!

"last quarter of 2004"

[Dogmudgeon]

4. "It's just a jump to the left ... "

(I wish.)

--bkl

[JI7]

2. you mean Bush's optimism hasn't helped the economy ?

[truthisfreedom]

3. it's always reported with exaggeration, then retracted. everything

bushco touches turns to lies.

[joeybee12]

5. This is HUGE news, but try and find any news about in the American media

and you'll be at a loss. Some have noted it, but of course the coverage pales compared to the headlines blaring over the initial report.

Face it, the recovery is a joke. Most people know that, but the media is clueless.

[TahitiNut]

6. Corporations get windfall; Labor gets fucked

The Busholini Regime has been complicit in the worst rape of labor in the last half-century, robbing workers and enriching the corporate slave masters.

During the Busholini Regime, Employee Compensation for the wealth created by labor has fallen by $370 billion while, at the same time corporate enrichment from that labor has increased by $417 billion. Even worse, corporations are paying taxes on those increased profits at such a dramatically lower rate that $112 billion in tax revenues are lost to the nation.

This is the worst systemic shift in income distribution in the last 50 years.

[Dragon Turtle]

7. But...but...

the economy is roaring back, the Bu$h misadminstration said so.