First-quarter economic growth revised up

[wicket]

http://news.yahoo.com/s/nm/20050526/ts_nm/economy_usa_growth_dc

The U.S. economy grew more vigorously in the first quarter than first thought, expanding at a 3.5 percent annual rate, the government said on Thursday in a report showing fewer imports of goods and services than estimated a month ago.

Previously, the Commerce Department estimated that gross domestic product, or GDP, which measures total goods and services production within U.S. borders, had grown at a 3.1 percent annual rate in the three months from January through March -- at the time the slowest advance in GDP in two years.

The upwardly revised growth still represents a modest slowing from the fourth quarter's 3.8 percent pace and was slightly below Wall Street economists' forecasts for a 3.6 percent rate. Growth in spending by both consumers and businesses weakened from fourth-quarter rates.

Imports increased at a 9.1 percent annual rate in the first quarter instead of 14.7 percent as Commerce estimated last month. That benefits GDP because imports subtract from the calculation of national output.

[Skink]

1. Meanwhile hours were cut and salaries continue on a downward

trend.

[second edition]

2. Yeah, I've had my hours cut back, lost benefits

have had to take on additional work when coworkers who have left weren't replaced and haven't seen a raise in four years. Yet the standard of living and work environment of those I work for has not suffered at all. Ah, the new corporate motto, more for us-nothing for you.

[wicket]

3. I lost my job a few months ago

And right now all I can find is temp work, and I'm paying $400 a month for COBRA. I know so many other people who are in our positions- it freaking sucks!

[second edition]

4. How unfortunate for you. I hope you find something permanent soon.

People want to work and are willing to give 100% all they ask for is a little job security, a few benefits and real wages. This administration offers them nothing except "The Ownership Society" where as long as you can get it, afford it, and hold onto it its yours.

[wicket]

5. thank-you

I appreciate it! It's frustrating because I want to work and work hard- but no one wants to pay benefits so they hire temps instead. Bleh.