Tuesday, February 21, 2006
More good economic news (again and again!)
Check it out. The economic leading indicators were good in January! (http://news.yahoo.com/s/nm/20060221/bs_nm/economy_index_dc&printer=1;_ylt=A9G_RxL_V_tDSZcAuw.b.HQA;_ylu=X3oDMTA3MXN1bHE0BHNlYwN0bWE-)
According to the report:
"Six of the index's 10 components strengthened in January. The positive contributors were a reduction in new jobless claims, real money supply, building permits, vendor performance, stock prices and interest rate spread. Consumer expectations restrained the gain.
Average weekly manufacturing hours, manufacturers' new orders for consumer goods and materials and manufacturers' new orders for nondefense capital goods held steady in January."
Kevin Hassett of Bloomberg reported today:
"Booming consumer spending and a slew of other positive indicators suggest that gross domestic product will post one of the largest gains in recent memory in the first quarter. Wall Street is buzzing about the skyrocketing output, but it may matter more to Washington, which has only begun to take notice of the big news on the way."
Can you believe a first quarter 6% GDP increase? We could have it! David Malpass, chief economist with Bear Stearns Cos. in New York, wrote in his commentary last week that "first-quarter GDP growth is setting up to be a blowout.''
Politically speaking, the new numbers will help Bush. According to Hassett, "....the strong data will weaken the hand of Democrats who have been predicting a deficit-induced slowdown. The Republicans will gain political steam, and the Democrats will be scrounging around for a new story, or risk sticking to their old one and looking silly."
Posted by Silvio Canto, Jr. Post Link ---> 10:12 PM
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