Creating Economic Panic
The economy of the US is quite strong though a few segments are doing their best to pull it down. The high cost of oil, partly due to the devaluation of our currency, faltering refinancing rates due to slack policing of lending practices and a slumping housing market are the main drains. But a 3rd quarter of 3.9% growth is anything but dismal.
The U.S. economy increased at an annual rate of 3.9 percent during the third quarter of 2007, the fastest growth in 18 months and up slightly over this year’s second quarter, according to a report from the Commerce Department released on Wednesday. The “snapshot” of the nation’s economic health showed an increase in gross domestic product that reflected positive contributions from personal expenditures, exports, equipment and software, nonresidential structures and private inventory investment. The boost exceeded analysts’ expectations of 3.1 percent. However, inflation of “core” prices — excluding food and energy — rose at a rate of 1.8 percent, up from 1.4 percent in the previous quarter.
At the same time the inflation rate doesn’t match up with the Walmart rate. Anyone who hasn’t noticed that the weekly basic essentials have more than doubled in price over the last 3 years please send me the address to your Walmart store.