More on the Economic Front
Revising its year-end economic forecast sharply upward, The Conference Board today projected that real GDP growth will hit 5.7% next year, making 2004 the best year economically in the last 20 years.
The forecast, by Conference Board Chief Economist Gail Fosler, expects worker productivity, which set a 20-year record in the third quarter, to rise at a healthy 3.6% next year. That would follow a gain of 4.3% this year.
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"Growing business spending and continued strength in consumer spending are generating growth throughout the U.S. economy," says Fosler. "This burgeoning strength is reflected in The Conference Board's widely-watched Leading Economic Indicators, the Consumer Confidence Index and the Help-Wanted Advertising Index. While the labor market, a critical factor in sustaining growth, is growing slowly, a pick-up in hiring may already have begun."
Real consumer spending, which continues to fuel growth, will increase at a 4.7% pace next year, up from about 3.2% this year. Another gain of 4.3% is projected for 2005.
While the U.S. economy is expected to generate more than one million new jobs next year, the unemployment rate will edge down only slightly, averaging 5.6% in 2004.
Get the rest of this story from Yahoo News. (Emphasis added by editor)
Matt's Chat
Once again, I'll profess my ignorance in most things financial, but this looks hard to refute to me. I especially am encouraged by the expectation of job creation and reduction (even if slightly) in unemployment (Although, I believe "full employment" is right around 5.6% if I remember correctly...although that number has been alterned since the Clinton years).This looks good for Halliburton. Maybe the evil master will finally assign me a black helicopter of my very own now.
Mark's Remarks
Full employment is considered to be around 5% or under. Wow, let me guess: it is all McJobs, it is a jobless recovery, you cannot eat growth rates, uh.....it is all made up in Texas...Which excuse and b.s. drivel are the libs going to use this time?And Matt, the evil master has said we will get our very own Apache if we follow the directives of the Evil Zionist Trilateral Triangulation Committee to beat up Old Ladies and Starve Kids at School Group, and if we vow to send lobstergrams all over the world. The deal is null and void if we eat tofu.
