Say Anything Blog

WASHINGTON—The U.S. economy was much stronger in the spring than first thought because of better exports and less inventory liquidation by businesses, according to a government report that surprised economists.

Gross domestic product rose at a seasonally adjusted 3.3% annual rate April through June, the Commerce Department said Thursday in a new, revised estimate of second-quarter GDP.

Originally, the government had estimated second-quarter 2008 GDP climbed 1.9%. First-quarter GDP increased 0.9%.

Separately, the number of U.S. workers filing new claims for unemployment benefits fell slightly as expected last week but remained at elevated levels consistent with more declines ...

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Both Nutting and Isidore failed to mention the two arguably biggest economic challenges we face, both of them originating from the left: The Pelosi-Obama-Reid Economy's hammerlock on sensible energy policy, and current consumer spending restraint tied to the likelihood of punishing tax increases if there is an Obama victory in November.

Oh, and as to the jobs situation: With 1.3 million illegal immigrants having left the country in the past year, maybe the "mirage" is in the employment numbers. This year's seasonally adjusted jobs loss of 450,000 may reflect 750,000 or so illegal workers leaving -- and 300,000 citizen workers taking their place.