consumers did boost their spending at percent pace in the spring, as economic troubles in the The Dow Jones industrials jumped points to close at 11,715. 18. For months, housing, credit and financial troubles have hammered the economy. In turn, employers have clamped down on hiring, driving the nations unemployment rate up to percent in fouryear high. The improved trade picture added percentage points to secondquarter GDP, the since 1980. Against that backdrop, Japans Toyota Motor Corp.
Exports grew at percent annual rate in the AprilJune quarter, its fastest pace in nearly year, the Commerce Department reported Government stimulus checks of up to 600 person helped energize shoppers. Economists believe growth will slow in the JulySeptember quarter to pace of around percent, and will turn even weaker in the fourth quarter. Since consumer spending is slowing down and the credit crunch is tightening its grip, it is hard to foresee another quarter with such robust GDP headline for some time.U. S. The improved trade picture added percentage points to secondquarter GDP, the since 1980.
Democratic presidential contender Barack Obama favors second government stimulus package, while Republican rival John McCain supports free trade and other business measures to buttress the economy. On Wall Street, the GDP report lifted stocks. on lowered its global sales target for next year, proof that even one of the pillars underpinning the economy. The biggest factor in the GDPs secondquarter rebound was robust sales of That also contributed to the improved GDP reading. One measure of corporate profits showed companies losing ground in the second quarter. But she added No one is doing victory dance.
The Labor Department said the number of people signing up for jobless benefits declined last week for the third straight period, but remained above 400,000 an indicator of slowing economy. Health care products maker Abbott Laboratories, telecommunications provider Embarq Corp., and aluminum maker Alcoa Inc.
economy during the next couple of quarters, predicted Lynn Reaser, chief economist at Bank of Americas Investment Strategies Group. Gross domestic product, or GDP, grew at percent pace in the spring, as economic troubles in the Since consumer spending is slowing down and the credit crunch is tightening its grip, it is hard to foresee another quarter with such robust GDP headline for some time.U. S.
