Thursday, July 31, 2008
What would the GDP have been without the $168bn Economic Stimulus Package
The economy grew at a faster pace in the spring, according to a government reading likely to spur further debate as to whether or not the economy has fallen into a recession. The gross domestic product, the broad measure of the nation's economic activity, grew at an annual rate of 1.9% in the three months ended in June. That's up from a revised 0.9% growth rate in the first quarter. Even with much stronger growth, the reading was weaker than expected, as economists surveyed by Briefing.com had forecast growth of 2.3%. Growth was helped by more than $140 billion in economic stimulus checks sent out to taxpayers during the period, which helped support spending in the face of higher prices.