As is usually the case

The previous quarter's GDP numbers get revised up. The original estimate First Quarter '05 growth came in at a healthy 3.5%. The Commerce Department announced today that they've revised that number up to 3.8%:

The new reading on gross domestic product, released by the Commerce Department on Wednesday, marked an improvement from the 3.5 percent annual rate estimated for the quarter just a month ago and matched the showing registered in the final quarter of 2004.

GDP, the broadest gauge of the economy's health, measures the value of all goods and services produced within the United States.

Stronger spending on housing projects, more investment by business in equipment and software, and a trade deficit that was less of a drag on economic growth all played a role in the higher first quarter GDP estimate.

Chief analyst Mark Zandi of Economy.com weighs in with this summary: "It illustrates the resilience of the economy and the durability of the current economic expansion."

3.8% is good. It is not gang-busters but neither is it anemic. It paints a picture of an economy that is steady. Guys like me love that whole strong and steady thing.