Economic Update: All Engines a Go
More good economic news on Thursday. U.S. productivity growth was revised to 2.1% from 0.8% a month ago, according to the Labor Department. In all of 2004, productivity increased 4 percent, capping three years of extraordinary productivity gains, the best in more than 50 years.
In a separate report, the Labor Department said first-time claims for unemployment benefits fell by 1,000 to 310,000 last week. The four-week average of new claims dropped to 307,000, a four-year low.
Finally, as merchants reported their retail sales results Thursday, a broad range of companies beat Wall Street sales forecasts, including Wal-Mart Stores Inc., J.C. Penney Co. Inc., Nordstrom Inc., Talbots Inc. and teen retailers such as Bebe Stores Inc. and Abercrombie & Fitch Inc.
And just think - if John Kerry were elected in November, we could be hearing from the media of the power of the Kerry Miracle. (Not to mention the Era of Kerry's Democracy in the Middle East.)
In a separate report, the Labor Department said first-time claims for unemployment benefits fell by 1,000 to 310,000 last week. The four-week average of new claims dropped to 307,000, a four-year low.
Finally, as merchants reported their retail sales results Thursday, a broad range of companies beat Wall Street sales forecasts, including Wal-Mart Stores Inc., J.C. Penney Co. Inc., Nordstrom Inc., Talbots Inc. and teen retailers such as Bebe Stores Inc. and Abercrombie & Fitch Inc.
And just think - if John Kerry were elected in November, we could be hearing from the media of the power of the Kerry Miracle. (Not to mention the Era of Kerry's Democracy in the Middle East.)
posted by Richie Rich | 9:15 AM
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