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« Why? (And We'll Have to Fix That.) | Main | TennCare Update » March 9, 2004Economy StrengtheningThe latest weekly report on the state of the nation's economy from the Joint Economic Committee of Congress, was released today, and it says, in a nutshell, that the economy is growing rapidly and laying the foundation for rapid job growth. The summary: The economy continues to strengthen, but payroll employment continues to lag. Business activity in manufacturing and service industries remains very strong as profits and cash flow continue to improve, but the recent pace of job growth has been sluggish. Households continue to benefit from recent tax relief and healthy gains in housing and stock-market wealth. Inflation remains benign, helping keep interest rates at historic lows. Last year’s GDP growth averaged 4.3%, the strongest in four years and well above the average of 3.7% in the expansion of the 1990s. Forecasters expect sustained and robust growth, low inflation, and accelerating job gains.Did you know the stock market has gained $4 trillion in total value since October 2002? Did you know that, over the last six months, the economy has added 1 million jobs, as calculated by the federal government's Household Survey? Did you know that inflation is at its lowest annualized rate since 1966? Did you know that the nation's rate of home ownership stands at a record 68.6 percent? Now you do. And you know just who to blame for blame for helping make it all possible. [Cross-posted at BlogsForBush.com] Posted in Economy & Business
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