Day By Day

Friday, October 05, 2007

The Bush Economic Miracle Continues

Well now, the Bush economy just keeps chugging along despite all the attempts on the part of critics to portray it as a disaster.

Bloomberg reports:
U.S. employment accelerated in September and revised figures for August showed an unexpected gain, easing recession concerns and making the Federal Reserve less likely to cut interest rates again.

Payrolls grew by 110,000 after an 89,000 increase in the previous month, the Labor Department said today in Washington. The change to the August figure wiped out what had been the first decline in four years, a drop that spurred predictions the six-year expansion would come to end amid the credit-market rout.

Treasury notes fell as traders speculated that the central bank, which reduced borrowing costs by half a point on Sept. 18, will resist lowering them at the next meeting. Analysts said more jobs and rising wages will help consumers weather falling home prices, sustaining the spending that accounts for more than two-thirds of the economy.

``It certainly doesn't look like an economy that's losing momentum,'' said John Ryding, chief U.S. economist at Bear Stearns Cos. in New York. `
Read it here.

No it doesn't, but with a chance to put a Democrat in the White House, don't count on seeing many headlines highlighting Bush's economic successes in the MSM.