Happy days are here again | Arkansas Blog

Wednesday, April 30, 2008

Happy days are here again

Posted By on Wed, Apr 30, 2008 at 9:17 AM

You gotta love Arkansas Red's blind 28-percenter devotion. He counts this as great news:

The economy struggled through the first three months of 2008, weighed down by the housing slump and a hesitant consumer, but export sales and inventory growth helped stave off a contraction.

The gross domestic product grew at a 0.6 percent annual rate in the first quarter, the Commerce Department said on Wednesday, holding steady from the last three months of 2007.

The expansion, however slim, came as something of a relief to Wall Street, which had been bracing for a contraction. Many analysts have labeled the current downturn a recession, but the economy appears so far to have avoided the informal definition of two consecutive quarters of contraction.

Still, the report showed the economy had slowed to a crawl.

So, remember, as you struggle with $4 gas, rationed rice, upside-down mortgages, huge increases in health insurance costs -- it is not, technically, a recession. Hooray. Lunch is on Arkansas Red and thanks, Red, for the tip.

 

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