- GDP grew 0.9% in the first quarter of 2008. This is weak, but it is not recession.
- The unemployment rate is low and near 5%. People who want to work and who have some marginal skills are working.
- New home sales rose 3.3% in April. As earlier noted in this blog, home sales are really only in trouble in a few areas of the country, generally those where unrealistic increases in housing valuations occurred earlier.
- With the exclusion of transportation orders, factory orders increased 2.5%, the largest such increase in 9 months.
- We remain the world's largest economy, producing $14 trillion of goods and services each year.
- Exports grew 3% in the first quarter and we are selling $1.4 trillion of goods and services abroad.
02 June 2008
Lambro: Recession fixation
Donald Lambro commented today in the Washington Times that Americans are deeply pessimistic about the future of the American economy, owing in large part to the Democrats media campaign that the economy is in recession. Let us look at the facts.