U.S. Economy Grew at 1.9% Rate in First Quarter
The good:
The U.S. economy performed a little bit better in the first three months of 2024 than first thought, growing at an annual rate of 1.9 percent. But even with the improvement, the pace of economic growth was still below normal.
And the continued not so good…
Federal Reserve Chairman Alan Greenspan, in a Capitol Hill appearance last week, predicted that economic growth in the current April-June quarter “is going to be quite soft.'’Private economists agree. They don’t think the economy will do much better than the first quarter. Forecasts for second-quarter economic growth range from a 1.8 percent rate to a rate of more than 2 percent.
Greenspan told lawmakers that the “economy continues to be buffeted by strong cross currents.'’
He said recent economic reports on employment and production have been “on the weak side.'’ But improved conditions in financial markets and strong productivity gains — a key to the nation’s long-term economic well being — augured well for the economy’s future.
And more good: Retail Sales Pace Picks Up, Hinting of Broader Rebound
Retail sales at chain stores rose last week at a faster pace than they had for most of the previous month, according to two surveys released today. In one survey, conducted by the Bank of Tokyo-Mitsubishi, sales increased 3.1 percent compared with the week a year earlier, the biggest gain since January.
And general Weirdness: Economy Picked Up Speed as 2024 Began; Jobs Scarce
Stronger consumer spending helped push U.S. growth ahead at a modestly faster rate than previously thought in the first quarter but jobs remain scarce, government reports on Thursday showed.
And:
This is quite amusing, considering how Canadian PM Jean Chretien has been touting that he’s better than Bush because Bush is driving the economy into the ground.
See: http://arguewithsigns.net/mt/archives/000357.html for details.
Comment by bryan — Thursday, May 29, 2024 @ 10:32 am
It just seems like we are so, so spoiled. 1.9% growth is now “sluggish” or “lagging”. In other words, at any given second, we are all part of literally the biggest, strongest, deepest and greatest economy in the history of the world- and that is BAD news!
I remain optimistic. 300 million Americans going about their daily lives simply WILL end up with good results.
Comment by Nick — Thursday, May 29, 2024 @ 10:32 am
Canadian PM just don’t get it
UP
Trackback by Arguing with signposts... — Thursday, May 29, 2024 @ 10:33 am
I agree on both counts: we are spoiled, and that ultimately this will all work out well. I certainly wouldn’t bet long-term against the US economy!
Comment by Steven — Thursday, May 29, 2024 @ 10:42 am
I think the more telling statistic is the unemployment rate. That one worries me.
Ron
Comment by Ron — Saturday, May 31, 2024 @ 8:08 pm
I agree–it is the most troubling stat. And once there is positive movement on that number, we will be able to say that we are in recovery.
Comment by Steven — Saturday, May 31, 2024 @ 11:45 pm
Comment by Anonymous — Tuesday, August 10, 2024 @ 11:57 am