Not quite a recession.
The Bureau of Economic Analysis released the 2nd quarter preliminary GDP estimate Thursday, showing a real growth rate of 3.3% annually in the second quarter. This is nearly double the already decent 1.9% growth rate reported in the advance estimate.
Gross Domestic Product (GDP) - 2nd Quarter 2008 Preliminary
Real Annual Growth Rate: 3.3%
Money Supply (M1 and M2) - August 28, 2008
M1 Annual Change (Unadjusted): Up $33 billion
M2 Annual Change (Unadjusted): $457.1 billion
Jobless Claims - August 28, 2008
Change from Last Week: Down 10,000
Rates down, but may rise on good economic news
Freddie Mac chief economist attributed the drop in long term rates to
signs of weakness in economic indicators last week, but noted that
there were promising signs in housing markets
Dude, Where's My Recession?
Was it all about the government rebates? Nope. Here is Mike Englund
over at Action Economics: "It turns out that a hefty 4.8 percent real
growth rate was seen for real final sales in Q2, with the bulk of the
strength in the net export component that defies the explanations that
the gain was 'all due to rebates.' The rebates likely did boost nominal
consumption growth with a gain split between price gains and real
growth. Yet, Q2 was clearly poised for a solid performance anyway, led
by trade, nonresidential construction, and a bounce in government
spending there were all likely insensitive to the rebate program."
GDP Revision Signals Strength
The U.S. economy was much stronger in the spring than first thought, with GDP rising 3.3%, but the pace is expected to slow over the rest of the
year.
Europe's Growth Slowed in August
Euro-zone growth slowed in August, adding to evidence of a possible recession. The EuroCOIN indicator fell to its lowest since mid-2003.
Mortgage Rates Fell in Week
Rates on fixed-rate home mortgages fell this week, following reports of weakness in the economy. But rates on adjustable-rate mortgages rose
slightly.
Consumer Spending in U.S. Probably Slowed in July as Rebate Impact Faded
Consumer spending in the U.S. probably slowed in July as the impact of the tax rebates faded, economists said ahead of a report today.
Lockhart Says Federal Reserve's Rate Is `Consistent' With Slower Inflation
Federal Reserve Bank of Atlanta President Dennis Lockhart said the central bank's interest-rate stance is ``consistent'' with slowing inflation, while signaling
readiness to raise borrowing costs if needed.
Japan factory output rises but outlook weak
Japan July housing starts +19.0 pct yr/yr--govt
TOKYO, Aug 29 (Reuters) - Housing starts in Japan, hit hard
by a regulatory change last year, rose 19.0 percent in July from
a year earlier, above a median market forecast for a 14.0 percent
rise, government data showed on Friday.
U.S. economy shows vigor in Q2, but seen flagging
U.S. M-2 money supply down $10.5 bln Aug 18 week
Canada's Harper does not rule out recession
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