Good times, bad times

Seems to make no never-mind as far as the US economy is concerned. Revised economic numbers released yesterday for 3Q 2005, put a nice pair of legs to this bit of analysis.

Highlights include:

-The BEA's second look at third-quarter gross domestic product showed that the economy grew by a robust 4.3% annual rate, even with the business shutdowns caused by Hurricanes Katrina and Rita.

-For all of 2005, real GDP is on track to expand by 3.7%.

-The GDP revisions show real consumer spending increased at an annual rate of 4.2% in the third quarter. That's better than the 3.9% pace previously estimated, and it occurred during a quarter when gasoline prices hit more than $3 per gallon.

The sky is falling indeed!