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More Great Economic News

More great news on the economy.

NEW YORK, May 3 (Reuters) - Activity in both the vast US services sector and at factories accelerated more than expected, according to data that pointed to fresh economic vigour and the risk of more interest rate hikes.


Most economists are expecting economic growth to slow from a torrid first-quarter pace of 4.8 per cent, yet the latest figures showed no hints of slowing and appeared likely to keep the Federal Reserve leaning toward further rate rises. Fed Chairman Ben Bernanke said last week a pause in the rate-hike cycle was possible.

The Institute for Supply Management's services index rose to 63.0 in April from 60.5 in March, with new orders hitting a two-year high, confounding Wall Street estimates for a slowdown to 59.2.

In addition, the government reported new factory orders rose a stronger-than-expected 4.2 per cent in March, beating estimates for a 3.5 per cent gain, as demand for transportation equipment, computers and electronics proved robust.

Treasury debt prices fell and the dollar firmed against the euro after the data.

"It does suggest that the overall economy is improving and for the market it is part of the recent theme - all the numbers are coming in on the stronger side of expectations," said Scott Brown, chief economist at Raymond James & Associates in St Petersburg, Florida.

Usually high oil and gas prices really hurt the economy, but ours keeps going strong. Just imagine how hot the economy would be if If oil prices were around $40 a barrel instead of hovering around $70. Actually, I read that they have dropped below $70 a barrel.

Watch for Mahmoud Ahmadinejad to come out with another threat against Israel and the US. At some point, I would think that oil speculators would become bored with Ahmadinejad's games and begin to ignore him.


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Comments (16)

Nice to see Wizbang taking ... (Below threshold)
jp2:

Nice to see Wizbang taking a page out of the new White House playbook. #3 - Pimp the economy. (They don't need you though)

Good economy - 15
McKinney - 57
DeLay - 1 (w/o commentary)

(However, no economic policy of Bush should be mentioned without prefacing with the horrible debt we are in. That being said, good for the US.)

jp2:No mention of ... (Below threshold)

jp2:

No mention of the horrible debt we are in should be mentioned without first talking about FDR unconsitutionally instituting Social Security. Oh, wait, we're not supposed to talk about that, are we.

Jordan, your repon... (Below threshold)
Fred Wilson:

Jordan,

your reponse to Jp2 is indicative with the bigeest problem in poliical discourse these days: The Gotcha. Rather that debate points on merits, the tendency of most partisans is find a snappy comeback. In your case, your snappy comeback was in the form of an incoherent reference to FDR and the new deal, a new favorite target (much like the MSM) for right-wing jackals.

If you actually spent a moment thinking critically rather that from a POV of partisan distortion, that you would realize that jp2's comments are uncontroversial.

Your other mistake is to assume that an indictment of the policies that have created this country's debt are necessarily an endorsement of another policy, in this case Social Security. Perhaps jp2 just has an elevated ability to weed through the blog-fog and point out that this blog, like others in the linked-arm world of right-wing blogging cares not about what is really happening in the world, but only what will help them win at all costs.

Jay, this does not apply to you. You actually have an opinion on things. Kim on the other hand has all of the insight of a first year teacher's assistant.

Oh, but Fred, after long ex... (Below threshold)
scsiwuzzy:

Oh, but Fred, after long experience with jp2 Jordan is just jumping ahead in the normal course of the "debate".
Wait till the new kids, Lee and mak44 to arrive. Then the fun really begins.

AS for complaints of partisanship... glass houses ;)

Fred,You must not co... (Below threshold)
susan:

Fred,
You must not come here often. jp2 is probably the most reliably "gotcha" partisan on this site. You have it totally backwards.

jp2: "(However, no economic... (Below threshold)
jdavenport:

jp2: "(However, no economic policy of Bush should be mentioned without prefacing with the horrible debt we are in. That being said, good for the US.)"

jp2, google "Laffer Curve"

The economic policy of the U.S. could be better, but the tax cuts have have REDUCED the debt.

The U.S. government gets MORE money because of the tax cuts.

The problem is SPENDING.

Fred Fred fell out of bed,c... (Below threshold)
virgo1:

Fred Fred fell out of bed,could not recall a word He said..Perhaps You and jp2 have an innate ability to look at history and change the facts to fit Your own partisan views?

JdavenportBetter g... (Below threshold)
mak44:

Jdavenport

Better google the "laugher curve." What a tired ole joke from the 1980's. The Laffer Curve is economic nonsense & even David Stockman acknowledged that years ago.

The plain fact is that the wage income of 80% of the American workers has remained stagnant at best since 2001 if not actually declined--all during this miraculous growth about which you swoon, you simple brainwashed puppy.

Granted the stats appear grand but most Americans know damn well they don't mean squat to the Middle Class.

Bushpig's "Haves & Have Mores" are the handful of pigs who have hogged just about 100% of your vaunted economic growth.

Unlike the 80's, it's not even trickling down.

JordanThe "unconst... (Below threshold)
mak44:

Jordan

The "unconstitutionality of Social Security"?????

You must be a raving moron. Do you even have 2 neurons to rub together or are you justpoll-parrot-stuffed w/ LimBARF & Insanity crap? You have been on a right-wing shit diet for so long, that not just your eyes are brown: it's seeping from your pores.

I wouldn't get excited unti... (Below threshold)

I wouldn't get excited until May figures get out and we see what the "exorbitant" gas prices have done. Or not.

The concern I have is for what interest rates do. They will tell the tale of glee or woe. Remember the 80's?

Good news on the economy? t... (Below threshold)
MyPetGloat:

Good news on the economy? the Dow has been FLAT under the boy king's watch (see?). Sorry, but that New Hampshire bred crackerpolitik bullshit can't fly in anyones airspace.

Curse that liberal stock market and their Bush Derangement Syndrome!!!

mak44, take your argument o... (Below threshold)
jdavenport:

mak44, take your argument over to Kos, where the simpletons are disposed to fall for it.

1) Certainly the totality of good policy cannot be reduced to the Laffer curve. But the Laffer curve is controlling regarding PUBLIC DEBT, which is what jp2 was crying about.

Go ahead and bitch about income distribution. I wasn't commenting on it. I was commenting on PUBLIC DEBT. The Laffer Curve does work.

If you want to argue that the tax cuts will increase the need for public assistance at a rate that outpaces the increase in federal income, THEN MAKE THE ARGUMENT.

2) Regardless of wage income, real purchasing power has increased.

3) There are about a thousand things that can be done to increase low wage income, but are not being done because the left hates markets they can't extort.

Idiot. Sniveling leftist trash.

The problem with the Bush a... (Below threshold)

The problem with the Bush administration is that it has let itself be defined by its enemies. The Democrats make some ridiculous accusation, the mainstream media reports it, and the administration does nothing to fight back.

One prominent Pulitzer Prize winning author wrote just a few weeks that we were on an economic precipice, losing the war in Iraq, and headed for disaster. The whole thing was a lie, but Bush does too little to fight these lies.

-Michael McCullough
Stingray:  a blog for salty Christians

"..Good news on the economy... (Below threshold)
Toddk:

"..Good news on the economy? the Dow has been FLAT under the boy king's watch"

The performance of the stock market has nothing to do with the health of a given economy. Take a guess at what decade's stock market did the best, 70s or 50s. (Here's a tip it wasn't the 50s)

Living my middle class life, in my middle class world and seeing all sorts of middle class people around the country it sure doesn't look like doom and gloom to me. (at least when it comes to the middle class)
If anything the lower class wages are feeling a pinch from those wonderful criminals who were holding rallys on Monday. Of course they're supported by the Senate Repubs and W himself. But they're also pandered to by the very party that's always trying to proclaim they're for the "little people". : )

Disregard that 70s vs. 50s ... (Below threshold)
Toddk:

Disregard that 70s vs. 50s market performance crap I don't know where that came from. (think before you type moron)

But my statement on a stock market's performance compared to it's current economy still stands.

need to go to bed

MPG: You might wan... (Below threshold)
Lurking Observer:

MPG:

You might wanna be careful with those claims. Or was today's Dow performance an example of a flat stock market?




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