[jsfg_cinti] US economy roars despite hurricanes

Good news!

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http://www.breitbart.com/news/2005/11/30/051130163113.y2qc1yav.html
Nov 30 11:45 AM US/Eastern

US economy roars despite hurricanes; 
 growth upgraded to 4.3 percent

AFP - The US economy weathered the impact of
hurricanes better than experts had expected, growing
at a 4.3 percent annual pace in the third quarter, the
government said in an upward revision to its prior
estimate.

The Commerce Department figure for gross domestic
product (GDP) was stronger than last month's estimate
of 3.8 percent growth and ahead of the the 4.0 percent
expected by Wall Street economists. The agency will
make its final estimate next month.

The report suggests the economy overcame the impact of
hurricanes Katrina and Rita, which shut down much of
US oil operations in the Gulf of Mexico and devastated
areas around New Orleans, Louisiana. By squeezing
energy supplies, the storms also led to a surge in oil
prices.

"The fact that we added a 10th quarter of
above-average growth amidst the hurricane devastation
and the highest energy prices ever recorded is
awesome," said Ken Mayland, president of ClearView
Economics.

"This revision was good news for the economy. Not only
does it show a higher rate of growth, but it was from
more sustainable sectors," added Drew Matus, an
economist at Lehman Brothers.

"Less was from autos, and more was from investment and
housing stock and capital and business equipment,
things that will help with longer term growth."

"The report showed that US economy was very buoyant in
the third quarter despite hurricanes thanks to dynamic
domestic demand," said Marie-Pierre Ripert, an
economist at IXIS Corporate and Investment Bank.

...

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