In September we heard the news that President Bush’s economic and tax policies not only brought us out of the Clinton Recession (started Nov/Dec 2000), but have also led to the 49th consecutive month of job growth – a new record for the longest uninterrupted expansion of the U.S. labor market.
Well, folks the Bush ”Goldilocks” Economy (credit to Larry Kudlow) rolls on….
Economy Logs Brisk 3.9 Percent Growth – Associated Press
The economy picked up speed in the summer, growing at a brisk 3.9 percent pace, the fastest in 1 1/2 years and an impressive performance even as a credit crunch plunged the housing market deeper into turmoil.
The latest snapshot of the country’s economic health, released by the Commerce Department on Wednesday, suggested that the economy is demonstrating much resilience and thus far holding up well to the strains in the housing and credit markets, which had intensified during the third quarter and rocked Wall Street.
A second report from the department showed construction spending rose 0.3 percent in September, the best showing in four months. All-time high spending in both commercial construction by private builders and government projects more than offset weakness in home building.
For the entire July-to-September quarter, individuals ratcheted up their spending. U.S. businesses sold more goods abroad and boosted some investment at home. Those were some of the main factors helping to push up overall economic activity during that period.
The third quarter’s growth rate was up slightly from a 3.8 percent pace logged in the second quarter. It marked the strongest showing since the first quarter of last year.
I’m presuming this news will lead all three major network news programs tonight, as it would have between 1993 and 2000. Right Katie, Charlie & Brian?