so sorry to disappoint you ... no recession coming ... especially sorry for those trying to say we're already IN a recession ...
http://news.bbc.co.uk/2/hi/business/7586280.stm
Page last updated at 14:50 GMT, Thursday, 28 August 2008 15:50 UK
US GDP rebounds with 3.3% growth
Tax rebates have encouraged consumers to spend more
The US economy grew at a revised 3.3% annually in the second quarter of 2008, the Commerce Department said, much higher than its first estimate of 1.9%.
...
'No recession'
The data showed that exports grew at an annualised rate of 13.2%, higher than the government's initial estimate of 9.2%.
Imports fell at a rate of 7.6% as the US economic slowdown reduced demands for goods made overseas.
The improved trade balance added 3.1 percentage points to second-quarter GDP, the biggest since 1980.
The slowdown in the housing market was evident, as builders cut back and businesses reduced their spending.
Consumer spending, boosted by the government's $600 tax rebate payments, rose by 1.7%, slightly higher than the previous quarter's 1.5%.
Some observers said that the figures lent support to the argument that the US was not heading for a recession.
"For a recession the economy is certainly growing very quickly," said Avery Shenfeld, senior economist at CIBC World Markets.
"A lot of that growth is driven off exports and pessimists might say that can't continue during slowing growth overseas.
"But I would say this happened precisely during the period of slowing growth overseas ... this is still an economy that faces slow times but not a recession."
This is the most profitable recession I've ever seen in my life! I'm going to buy a 2008 hybrid this weekend, and I might get a house too soon. This is the time to buy and I think teachers get all kinds of hookups for buying property (I think you're supposed to buy it in a low income area near your job, but hey, I don't mind).