GDP Grew More in Q2 Than First Reported

Ignore the political crowd, the president's been great for business

(NEWSER) - President Obama doesn't get much political credit for it, but the numbers show his economic policies have been a resounding success. Since he took office, the S&P 500 is up 41%, credit spreads have narrowed, commodity prices have surged, and housing prices have stabilized, writes Mike Dorning of Bloomberg . GDP grew 5.9% in the fourth quarter, far more than analysts predicted, and job losses have slowed. More»

Last quarter of 2009 saw GDP growth of 5.7%

(AP) - The US economy grew for a second straight quarter from October through December, posting a better-than-expected 5.7% annual rate—the fastest quarterly pace since 2003. The Commerce Department report is the strongest evidence to date that the worst recession since the 1930s ended last year, though an academic panel that dates recessions has yet to officially declare it over. More»

Spending and home prices are up, but not enough to help jobs

(NEWSER) - The government’s optimistic reading of GDP growth in the 3rd quarter was distorted by a pair of rose-tinted glasses, it now says. The Commerce Department has revised its estimate down to 2.8% from 3.5% on evidence that stimulus programs like Cash for Clunkers and the homebuyers' tax credit did not spur as much spending as previously thought. Still, home spending was up 19.5%, and durable goods spending up 20.1%. More»

(NEWSER) - Our long national nightmare could soon be over: Top economic forecasters expect the recession to end by the second half of this year, Reuters reports. In a new survey, experts predict the GDP will shrink by 2.8% this year but edge up 1.9% in 2010. Even so, economists add that the unemployment rate could peak at 10% early next year. More»

539K positions cut; jobless rate hits 8.9%, highest since 1983

(AP) - The pace of layoffs slowed in April when US employers cut 539,000 jobs, the fewest in 6 months; economists had expected 620,000 job cuts. But the unemployment rate climbed to 8.9%, the highest since late 1983, as many businesses remain wary of hiring in a climate of economic uncertainty. However, the slowdown in layoffs may bolster expectations that the worst of the downturn's hefty job losses are past. More»