imc indymedia

Los Angeles Indymedia : Activist News

white themeblack themered themetheme help
About Us Contact Us Calendar Publish RSS
latest news
best of news




A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List


IMC Network:

Original Cities africa: ambazonia canarias estrecho / madiaq kenya nigeria south africa canada: hamilton london, ontario maritimes montreal ontario ottawa quebec thunder bay vancouver victoria windsor winnipeg east asia: burma jakarta japan korea manila qc europe: abruzzo alacant andorra antwerpen armenia athens austria barcelona belarus belgium belgrade bristol brussels bulgaria calabria croatia cyprus emilia-romagna estrecho / madiaq euskal herria galiza germany grenoble hungary ireland istanbul italy la plana liege liguria lille linksunten lombardia london madrid malta marseille nantes napoli netherlands nice northern england norway oost-vlaanderen paris/Île-de-france patras piemonte poland portugal roma romania russia saint-petersburg scotland sverige switzerland thessaloniki torun toscana toulouse ukraine united kingdom valencia latin america: argentina bolivia chiapas chile chile sur cmi brasil colombia ecuador mexico peru puerto rico qollasuyu rosario santiago tijuana uruguay valparaiso venezuela venezuela oceania: adelaide aotearoa brisbane burma darwin jakarta manila melbourne perth qc sydney south asia: india mumbai united states: arizona arkansas asheville atlanta austin baltimore big muddy binghamton boston buffalo charlottesville chicago cleveland colorado columbus dc hawaii houston hudson mohawk kansas city la madison maine miami michigan milwaukee minneapolis/st. paul new hampshire new jersey new mexico new orleans north carolina north texas nyc oklahoma philadelphia pittsburgh portland richmond rochester rogue valley saint louis san diego san francisco san francisco bay area santa barbara santa cruz, ca sarasota seattle tampa bay tennessee urbana-champaign vermont western mass worcester west asia: armenia beirut israel palestine process: fbi/legal updates mailing lists process & imc docs tech volunteer projects: print radio satellite tv video regions: oceania united states topics: biotech

Surviving Cities africa: canada: quebec east asia: japan europe: athens barcelona belgium bristol brussels cyprus germany grenoble ireland istanbul lille linksunten nantes netherlands norway portugal united kingdom latin america: argentina cmi brasil rosario oceania: aotearoa united states: austin big muddy binghamton boston chicago columbus la michigan nyc portland rochester saint louis san diego san francisco bay area santa cruz, ca tennessee urbana-champaign worcester west asia: palestine process: fbi/legal updates process & imc docs projects: radio satellite tv
printable version - js reader version - view hidden posts - tags and related articles

Good news! George W. Bush's "free market" economic policies are working!

by Jack B. Nibble Friday, Aug. 01, 2003 at 1:23 PM

The biggest surge in defense spending since the Korean War era helped drive U.S. economic growth ahead at a surprisingly brisk 2.4 percent annual clip in the second quarter, the Commerce Department said on Thursday.

Defense Spending Driving U.S. Economy

Thu July 31, 2003 10:23 AM ET

By Glenn Somerville

WASHINGTON (Reuters) - The biggest surge in defense

spending since the Korean War era helped drive U.S.

economic growth ahead at a surprisingly brisk 2.4

percent annual clip in the second quarter, the

Commerce Department said on Thursday.

The pickup in gross domestic product, or GDP, coupled

with a separate report showing a further decline in

new claims for unemployment benefits last week,

electrified financial markets as hopes grew that a

second-half revival was at hand.

The unexpectedly strong advance in GDP followed anemic

annual growth rates of 1.4 percent in each of the two

prior quarters. The second-quarter figures handily

surpassed Wall Street economists' forecasts for a 1.5

percent second-quarter expansion.

Separately, the Labor Department said the number of

new claims for unemployment benefits fell last week by

3,000 to a revised 388,000 -- the third straight

weekly decline and well below the psychologically

important 400,000 level.

Analysts said the data point to a fairly broad-based

economic strengthening, especially heartening with

Bush administration tax cuts forecast to add more

juice ahead.

"It's a positive indication that the economy is

recovering and that it was improving at a somewhat

faster rate than initially expected during the second

quarter, and that it would be likely that the rate of

improvement would increase going forward as the tax

cuts begin to hit," said Joe Stocke, a managing

director of Stoneridge Investment Partners LLC.


Second-quarter GDP growth was the strongest since a 4

percent rate of increase in the third quarter last


"Growth in the second quarter was boosted by federal

defense spending, by business investment in plant and

equipment, and by consumer spending," Commerce noted.

Spending on defense, much of it to support the war in

Iraq, shot up at a 44.1 percent rate -- the strongest

since 110 percent in the third quarter of 1951 --

after falling 3.3 percent in the first three months of

the year.

Economist James Glassman of J.P. Morgan Chase in New

York said both GDP and lower jobless claims were

"quite promising" in the sense of implying that

consumers and businesses saw better times ahead, even

if growth is still below what is needed to reduce the

unemployment rate.

"On GDP the trend is not impressive and no one was

expecting it to be impressive but the composition of

growth is, and it just reinforces the optimism about a

second-half pickup," Glassman said.

The dollar's value climbed against other major

currencies after the GDP data, in the apparent belief

a U.S. economic rebound will outstrip those in other

major regions and make U.S. investments relatively

more attractive.

On Wall Street, stock prices bounded higher on the

positive economic news, while bond prices tumbled in

expectation investors would find equities a better bet

for future gains.

Business investment, which has lagged during the slow

expansion from the 2001 recession, showed definite

signs of revival in the spring quarter.

Nonresidential spending -- the broadest category of

investment -- rose at a 6.9 percent annual rate in the

second quarter after decreasing 4.4 percent in the

first three months.

Consumer spending, which fuels two-thirds of national

economic activity, added to the second-quarter pace of

expansion. Spending, especially on new cars and other

costly durable goods, climbed to a 3.3 percent rate

from 2 percent in the first three months of the year

and was the strongest since a 4.2 percent increase in

the third quarter of last year.


The Federal Reserve, which has cut U.S. short-term

interest rates to 45-year lows in a bid to spark a

stronger recovery, said on Wednesday it saw signs in

June and early July that a more vigorous pace of

growth was budding as manufacturing activity grew.

"Several districts noted increased optimism about

economic prospects in coming months," the U.S. central

bank said, adding it saw "nascent signs of a recovery"

among manufacturers, which have shed an estimated 2.6

million jobs since mid-2000.

Businesses reduced inventories at a .9 billion

annual rate in the second quarter after building them

up at rates of .8 billion in the first quarter and

.8 billion in the final three months last year.

Slimmed-down inventories generally are considered

promising for the future, since it means companies

must quickly ramp up production and potentially hire

more employees once stronger demand is firmly


Report this post as:

Listed below are the 10 latest comments of 5 posted about this article.
These comments are anonymously submitted by the website visitors.
imagine josh Saturday, Aug. 02, 2003 at 7:52 PM
OneEyedMan KPC Saturday, Aug. 02, 2003 at 8:02 PM
MLK quote Necropolis Saturday, Aug. 02, 2003 at 10:11 PM
ya sure, AA cuzin it Sunday, Aug. 03, 2003 at 8:54 PM

Local News

Change Links September 2018 posted S02 10:22PM

More Scandals Rock Southern California Nuke Plant San Onofre A30 11:09PM

Site Outage Friday A30 3:49PM

Change Links August 2018 A14 1:56AM

Setback for Developer of SC Farm Land A12 11:09PM

More problems at Shutdown San Onofre Nuke J29 10:40PM

Change Links 2018 July posted J09 8:27PM

More Pix: "Families Belong Together," Pasadena J02 7:16PM

"Families Belong Together" March, Pasadena J02 7:08PM

Short Report on the Families Belong Together Protest in Los Angeles J30 11:26PM

Summer 2018 National Immigrant Solidarity Network News Alert! J11 6:58AM

Watch the Debate: Excluded Candidates for Governor of California M31 5:20AM

Change Links June 2018 posted M28 7:41AM

The Montrose Peace Vigil at 12 Years M22 8:01PM

Unity Archive Project M21 9:42AM

Dianne Feinstein's Promotion of War, Secret Animal Abuse, Military Profiteering, Censorshi M17 10:22PM

CA Senate Bill 1303 would require an independent coroner rather than being part of police M10 9:08PM

Three years after OC snitch scandal, no charges filed against sheriffs deputies M10 8:57PM

California police agencies violate Brown Act (open meetings) M02 8:31PM

Insane Company Wants To Send Nuke Plant Waste To New Mexico A29 11:47PM

Change Links May 2018 A27 8:40AM

Worker-Owned Car Wash on Vermont Closed A27 5:37AM


lausd whistle blower A11 6:58AM

Website Upgrade A10 10:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 8:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 6:58PM

Change Links April 2018 A01 6:27PM

More Local News...

Other/Breaking News

Cybermonde, cyberguerre, cyberespace, cyberterrorisme S24 6:35AM

Paraphysique de psychosomatique S22 6:58AM

Chuck Grassley: Women Abusing, Animal Murdering, Illegal War Supporting Criminal S22 2:58AM

Finance Capitalism and the Digital Economy S21 4:45PM

Muselières syndicales, muselières patronales S21 7:19AM

Jeff Bezos, Amazon, The Washington Post, Whole Foods, Etc S21 2:50AM

Why Choose Nut Milk Over Cows' Milk S21 1:01AM

Antrhopocène, le grand effondrement S19 9:53AM

Abolir l'économie S18 11:18AM

The Dictatorship of Corporations S17 5:26PM

18 Lethal Consequences Of Hunting S17 3:13PM

Paraphysique de l'outplacement déontologue S15 6:51AM

Shopping du bashing S14 8:42AM

After Lehman Brothers, Experts Say Global Financial Crisis Can Happen Again S13 8:28PM

“Animaniacs in Concert!” Starring Voice Legend Rob Paulsen S12 9:30PM

Probabilités de fin d'humanité S12 6:49AM

Florida Area of Migrant Farmworkers Denied Right to Construct Health Clinic near NaplesCIW S11 2:57AM

Steer clear of work morality! S09 12:10PM

The Shortwave Report 09/07/18 Listen Globally! S06 11:23PM

August 2018 Honduras Coup update S06 12:28PM

Brett Kavanaugh Filled The 5th Circuit With Execution Judges S06 6:14AM

Augusta Georgia Woman Gets 5 Year Prison Sentence for Writing About Russians Crime Acts S05 8:29AM

Paraphysique de contextualité S05 8:29AM

Crisis Regulation in Global Capitalism S03 3:39PM

Ex-voto de réification S03 10:24AM

Please Oppose Warmonger, Execution and Torture Supporting Bush Operative Brett Kavanaugh A31 10:45PM

Paraphysique d'exploitation occultation A31 10:24PM

Ryan Zinke Is Charging Taxpayers For A Trophy Hunters' Council A31 2:10PM

More Breaking News...
© 2000-2018 Los Angeles Independent Media Center. Unless otherwise stated by the author, all content is free for non-commercial reuse, reprint, and rebroadcast, on the net and elsewhere. Opinions are those of the contributors and are not necessarily endorsed by the Los Angeles Independent Media Center. Running sf-active v0.9.4 Disclaimer | Privacy