Economy Grows Better Than Expected
The economy grew at a solid 3.8 percent annual rate in the final quarter of 2004 – stronger than previously estimated- and an encouraging sign that the business expansion was firmly entrenched at the start of the new year.
The new reading on gross domestic product, released by the Commerce Department Friday, was better than the government’s initial calculation made a month ago. That estimate showed the economy growing at a 3.1 percent pace.
The improvement reflected more robust spending by businesses on capital equipment and to build up inventories of goods. The trade deficit also was less of a drag on fourth-quarter growth than initially thought.
What does this mean? It means the economy, in 2004, grew to be the best for the past five years.
This is great news. The economy in MI is not the greatest but much of that can be tied directly to the Unions. Non Union is doing great though. Go figure:wink: