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Tuesday, July 06, 2004

Economy Set for Best Growth in 20 Years

Despite disappointing job creation in June of only 112,000 jobs, this AP article proclaims:
The economy appears headed for a banner year despite a springtime spike in energy prices and a recent increase in interest rates.

In fact, many analysts are forecasting that the overall economy, as measured by the gross domestic product, will grow by 4.6 percent or better this year, the fastest in two decades.

There were strong 4.5 percent growth rates in 1997 and 1999, when Bill Clinton was president and the country was in the midst of a record 10-year expansion.

But if this year's growth ends up a bit faster than that, it will be the best since the economy roared ahead at a 7.2 percent rate in 1984, a year when another Republican president - Ronald Reagan - was running for re-election.
The slowing jobs growth should be quite worrying for Bush and good news for Kerry.

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