The U.S. economy grew at the fastest pace in 1 1/2 years in the summer as booming auto sales offset the adverse effects of hurricanes Katrina and Rita. But the year is expected to end with much slower growth.The Commerce Department reported Wednesday that the gross domestic product, the broadest measure of economic health, grew at a 4.1 percent annual rate from July through September.
That was down from a 4.3 percent estimate made a month ago but it was still the fastest pace since early 2004. The gain was even more remarkable considering that the country was hit by devastating hurricanes and gasoline prices that topped $3 per gallon.
Of course, Reuters, as is its wont, emphasizes something different:
U.S. Third-Quarter Growth Cut, Still Best Since 2004
But Ace reminds us that all this good news doesn't mean that things are popping up poinsettias for everyone.