Some bright news from the U.S. Department of Commerce

September 2, 2007 by SwizStick  
Filed under Misc Logistics, QuickNews

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Here in the U.S. the majority of the economic headlines are dominated by the sub-prime mortgage crunch and its rippling effects throughout the financial credit industry. But let’s not forget that the economy is larger and more diverse than the headlines allow.

Over at ShopFloor.org, they highlight some encouraging numbers from the U.S. Department of Commerce, whose latest report says that GDP increased by 4.0% in the second quarter of ‘07:

This is the best performance in over a year. The Commerce Department reports said that the economy grew at an annual rate of 4 percent in the second quarter compared to 0.6 percent in the first quarter. Improvements in trade and business investment resulted in an upgrading from last month’s advanced estimate of 3.4 percent growth in the second quarter.

Exports rose by 7.6 percent and imports fell by 3.2 percent. As a result, trade contributed 1.4 percentage points to growth last quarter. This marks the best performance from trade in a dozen years. As a result, the trade deficit is now at its lowest level in three years as a share of GDP.

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