Wednesday, June 29, 2005


Since nobody else in the media is talking about it, i figured I wouldp oint ou to the dozens that come here daily, the economy is doing well, despite the oil prices. In a strange, recent phenomena, oil prices and the markets are not relating inversely. Oil has been up and up and until Thursday and Friday of last week, the markets had been climbing steadily.

Today offered more good news, as the "economy logged a solid 3.8 percent growth rate in the first quarter of 2005."

The new reading on gross domestic product, released by the Commerce Department on Wednesday, marked an improvement from the 3.5 percent annual rate estimated for the quarter just a month ago and matched the showing registered in the final quarter of 2004.

GDP, the broadest gauge of the economy's health, measures the value of all goods and services produced within the United States.

Stronger spending on housing projects, more investment by business in equipment and software, and a trade deficit that was less of a drag on economic growth all played a role in the higher first quarter GDP estimate.