August 28th, 2008
My summer has flown by and I feel November is just around the corner. I have considered writing this letter multiple times over the last few months….like when I went to the Eigerlab to meet with a small network of companies to discuss doing work together for a industry in need in Canada or to meet about drawings for a newly designed product—I could not help but think of Congressman Don Manzullo and what a great support to networking and innovation in this region and the USA he has been. Or when I was at the Energy fair in Oregon, IL, last week, I spoke with friends manning the Democratic Candidates booth (I am from Ogle county) we spoke candidly about Don and the great things he has helped bring to the region, conversations he has started all over the United States about keeping manufacturing strong in our USA and the strong input he has on the Hill. He and those who work for him do their homework and change the way other representatives who are sent to Washington to represent their District think.
Yes, I am a huge Manzullo fan. I am hoping that if you are Republican, Democrat or Independent you will not vote for changing our representation of this US House of Representative’s seat. I wrote a letter to the editor along these lines but with more details of my arguement in support of Manzullo. Look for that!
August 28th, 2008
 US GDP rebounds with 3.3% growth
 Tax rebates have encouraged consumers to spend more |
The US economy grew at a revised 3.3% annually in the second quarter of 2008, the Commerce Department said, much higher than its first estimate of 1.9%.
The rebound was linked to strong US exports, helped by the weak dollar, while government tax rebates also boosted consumer spending.
GDP grew at a rate of 0.9% in the first quarter, after a 0.2% contraction in the last three months of 2007.
The Federal Reserve has warned the economy will remain weak this year.
“While we’re not out of the woods yet, maybe we’re beginning to see some sunlight,” said John Wilson, equity strategist at Morgan Keegan.
“At some point, the market will begin to look through the trough and gauge the strength of the coming upturn.”
‘No recession’
The data showed that exports grew at an annualised rate of 13.2%, higher than the government’s initial estimate of 9.2%.
Imports fell at a rate of 7.6% as the US economic slowdown reduced demands for goods made overseas.
The improved trade balance added 3.1 percentage points to second-quarter GDP, the biggest since 1980.
The slowdown in the housing market was evident, as builders cut back and businesses reduced their spending.
Consumer spending, boosted by the government’s $600 tax rebate payments, rose by 1.7%, slightly higher than the previous quarter’s 1.5%.
Some observers said that the figures lent support to the argument that the US was not heading for a recession.
“For a recession the economy is certainly growing very quickly,” said Avery Shenfeld, senior economist at CIBC World Markets.
“A lot of that growth is driven off exports and pessimists might say that can’t continue during slowing growth overseas.
“But I would say this happened precisely during the period of slowing growth overseas … this is still an economy that faces slow times but not a recession.”
Courtesy: BBC News.UK
