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January 30, 2004

Is Growth Real? 4% in 4Q but...

Well, you had 4% GDP Growth in 4th Quarter but...

The nation's payrolls grew by a scant 1,000 jobs in December.

Businesses...trimmed spending on new plants and other buildings at a 3 percent rate in the fourth quarter, deeper than the 1.8 percent rate of decline seen in the third quarter.

Consumers...spent less vigorously in the fourth quarter, helping to subdue economic growth. They're spending went up at a 2.6 percent rate, down from a brisk 6.9 percent pace registered in the third quarter.

So what was the engine of the growth in the 4th quarter--- "businesses increased investment in equipment and software at a brisk 10 percent rate", so we are still coasting along on tech investments that may or may not even be measured correctly.

Oh yeah, and George W. Bush still is down 2.3 million jobs from when his Presidency started.

Posted by Nathan at January 30, 2004 12:32 PM