Word: gdp
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...impressive rise in gross domestic product (GDP) was fueled by strong exports, consumer spending and housing-related expenditures. Business spending increased 11.1%, the second straight quarterly rise for a sector that's critical to any sustainable turnaround. Corporate profits for firms in the S& P 500 are expected to be up 20%, on average, from a year ago. And consumers continue to anchor the economy. The summer tax cuts pumped $13.7 billion into their wallets, igniting a 6.6% rise in spending. "Consumers spent aggressively on everything from cars to homes," says economist Mark Zandi of Economy.com...
True relief will come when the unemployment rate starts to fall. That will probably take another quarter or two, as job growth typically lags GDP expansion. So far this has been a jobless recovery. Since the recession started in March 2001, the U.S. economy has shed 2.7 million jobs. The Administration would like to hit a target set by some private-sector forecasters to create 200,000 jobs a month, but it has been wary of making its own forecasts. In recent years spikes in the growth rate have faded. Economists expect this year's fourth quarter to cool...
...revenue base meant that national debt had swelled to alarming levels by the time Wickremesinghe came into office in late 2001. Thanks in part to a drop in defense spending, he has since made significant progress in balancing the country's books, slashing the budget deficit from 11% of GDP in 2001 to less than 8% this year. Milinda Moragoda, Minister for Economic Reforms, says the government has also opened up the state-controlled insurance and gasoline-distribution sectors to private competition and has improved the tax collection system...
...increase in GDP is negated by an equal (or greater) increase in debt. Shouldn't economists take the frightening increase into account when praising the growth factor? Gerrie Ryan Escondido, Calif...
...appreciable difference since unemployment has made little advance. Just because some buying increased the GDP has no bearing on unemployment. There are more anticipated job losses in the next few months and even years. I cannot see that this employment quagmire is going to impact appreciably on the GDP any time in the near future. Mary L. Shaw Colorado Springs, Colo...