The headline: Q1 GDP growth fastest in 2-1/2 years. Don't get to carried away with all the doom and gloom talk on the mainstream media.
This was the second reading of economic growth for the first three months of the year. The government revises the data twice after each initial estimate and its final tally of first-quarter performance will not be available for another month.But of course, no one is going to give credit where credit is due--less taxes among other things. Remeber those words come election: "Reduce the taxes" Democrats won't do it. Republicans will. Its a choice.
Somewhat surprisingly, spending on housing was moderately stronger than had been initially thought, growing at a revised 3.1 percent rate instead of 2.6 percent estimated a month ago. Fed Chairman Ben Bernanke told Congress last month that one of the reasons economic growth was likely to moderate in coming months was that housing markets were showing signs of softening.