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2004 Will Be the U.S.âS Best Year Economically in Last 20 Years
Revising its year-end economic forecast sharply upward, The Conference Board today projected that real GDP growth will hit 5.7% next year, making 2004 the best year economically in the last 20 years. The forecast, by Conference Board Chief Economist Gail Fosler, expects worker productivity, which set a 20-year record in the third quarter, to rise at a healthy 3.6% next year. That would follow a gain of 4.3% this year. "Growing business spending and continued strength in consumer spending are generating growth throughout the U.S. economy," says Fosler. "This burgeoning strength is reflected in The Conference Boardâs widely-watched Leading Economic Indicators, the Consumer Confidence Index and the Help-Wanted Advertising Index. While the labor market, a critical factor in sustaining growth, is growing slowly, a pick-up in hiring may already have begun." Real consumer spending, which continues to fuel growth, will increase at a 4.7% pace next year, up from about 3.2% this year. Another gain of 4.3% is projected for 2005.Bwahahaha! The Dems are doomed! Posted by: Steve 2003-12-12 |
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