Wednesday, October 31, 2007

Spending It Like We Got It

The economy grew 3.9% in the third quarter this year, the best figure since the first quarter of 2006. But what about the housing problems you say? And what about the weak manufacturing report you say? Never fear, we'll grow the American way -- by spending ourselves out of trouble.

Consumer spending expanded at more than twice its rate in the second quarter, rising 3 percent after a 1.4 percent gain in the second quarter with a surge in sales of big-ticket products like appliances and furniture. Businesses spent more, too, with producer expenditures growing at a 7.9 percent annual rate, down slightly from 11 percent in the second quarter.

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