imc indymedia

Los Angeles Indymedia : Activist News

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


KILLRADIO

VozMob

ABCF LA

A-Infos Radio

Indymedia On Air

Dope-X-Resistance-LA List

LAAMN List




IMC Network:

Original Cities

www.indymedia.org 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

www.indymedia.org 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 6:23 AM

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.

BRIGHTENS HOPES

Second-quarter GDP growth was the strongest since a 4

percent rate of increase in the third quarter last

year.

"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.

CHEAP CREDIT HELPS

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

established.



Report this post as:

LATEST COMMENTS ABOUT THIS ARTICLE
Listed below are the 10 latest comments of 5 posted about this article.
These comments are anonymously submitted by the website visitors.
TITLE AUTHOR DATE
imagine josh Saturday, Aug. 02, 2003 at 12:52 PM
OneEyedMan KPC Saturday, Aug. 02, 2003 at 1:02 PM
MLK quote Necropolis Saturday, Aug. 02, 2003 at 3:11 PM
ya sure, AA cuzin it Sunday, Aug. 03, 2003 at 1:54 PM

Local News

GUIDE TO REBEL CITY LOS ANGELES AVAILABLE A12 5:39PM

lausd whistle blower A10 11:58PM

Website Upgrade A10 3:02AM

Help KCET and UCLA identify 60s-70s Chicano images A04 1:02PM

UCLA Luskin: Casting Youth Justice in a Different Light A02 11:58AM

Change Links April 2018 A01 11:27AM

Nuclear Shutdown News March 2018 M31 6:57PM

Join The Protest Rally in Glendale on April 10, 2018! M29 7:00PM

Join The Protest Rally in Glendale on April 10, 2018! M29 6:38PM

Spring 2018 National Immigrant Solidarity Network News Alert! M19 2:02PM

Anti-Eviction Mapping Project Shows Shocking Eviction Trends in L.A. M16 5:40PM

Steve Mnuchin video at UCLA released M15 12:34AM

Actress and Philanthropist Tanna Frederick Hosts Project Save Our Surf Beach Clean Ups M06 12:10PM

After Being Told He's 'Full of Sh*t' at School Event, Mnuchin Demands UCLA Suppress Video M02 11:44AM

Resolution of the Rent Strike in Boyle Heights M01 6:28PM

What Big Brother Knows About You and What You Can Do About It M01 3:30PM

Step Up As LAPD Chief Charlie Beck Steps Down F14 2:44PM

Our House Grief Support Center Hosts 9th Annual Run For Hope, April 29 F13 12:51PM

Don’t let this LA County Probation Department overhaul proposal sit on the shelf F13 11:04AM

Echo Park Residents Sue LA Over Controversial Development F12 8:51AM

Former Signal Hill police officer pleads guilty in road-rage incident in Irvine F09 10:25PM

Calif. Police Accused of 'Collusion' With Neo-Nazis After Release of Court Documents F09 7:14PM

Center for the Study of Political Graphics exhibit on Police Abuse posters F07 9:50AM

City Agrees to Settle Lawsuit Claiming Pasadena Police Officer Had His Sister Falsely Arre F04 3:17PM

Professor's Study Highlights Health Risks of Urban Oil Drilling F04 12:42PM

Claims paid involving Pasadena Police Department 2014 to present F04 10:52AM

Pasadenans - get your license plate reader records from police F03 11:11PM

LA Times Homicide Report F03 1:57PM

More Local News...

Other/Breaking News

Biodiversité ou la nature privatisée A20 11:22AM

The Market is a Universal Totalitarian Religion A20 7:14AM

Book Available about Hispanics and US Civil War by National Park Service A19 5:52PM

The Shortwave Report 04/20/18 Listen Globally! A19 4:01PM

The Republican 'Prolife' Party Is the Party of War, Execution, and Bear Cub Murder A19 11:48AM

Neurogenèse involutive A18 9:21AM

Paraphysique de la dictature étatique A16 10:13AM

Book Review: "The New Bonapartists" A16 3:45AM

The West Must Take the First Steps to Russia A14 12:25PM

Théorie générale de la révolution ou hommage à feu Mikhaïl Bakounine A14 3:30AM

The Shortwave Report 04/13/18 Listen Globally! A12 3:50PM

“Lost in a Dream” Singing Competition Winner to Be Chosen on April 15 for ,000 Prize! A12 3:48PM

The World Dependent on Central Banks A12 4:43AM

Ohio Governor Race: Dennis Kucinich & Richard Cordray Run Against Mike DeWine A11 9:40PM

March 2018 Honduras Coup Again Update A10 10:52PM

Apologie du zadisme insurrectionnel A10 3:33PM

ICE contract with license plate reader company A10 1:14PM

Palimpseste sisyphéen A09 11:23PM

Black Portraiture(S) IV: The Color of Silence...Cuba No...Cambridge Yes A09 5:32AM

Prohibiting Micro-Second Betting on the Exchanges A09 4:18AM

Prosecutors treat Muslims harsher than non-Muslims for the same crimes A08 10:33PM

Amy Goodman interview on cell phone safety A08 10:29PM

Mesa, Arizona police officer kills unarmed white man A08 9:50PM

Israeli leaders should be prosecuted for war crimes A08 9:48PM

Paraphysique de l'autorité A08 12:11AM

Two Podcasts on fbi corruption A06 10:13PM

Fbi assassins assault & try to kill DAVID ATKINS A06 7:29PM

EPA Head Scott Pruitt: Of Cages And Sirens A06 2:15PM

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