Remember all the chatter from the Democrats during the 2004 elections? About the sluggish economy, those terrible 5.5% unemployment numbers?
Last quarter, the U.S. economy jumped 4.8%, and that’s not all:
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.
So why does Bush have a 33% approval rating? Because conservatives are upset about immigration. Minus that, the economy is flourishing under President Bush, despite the pressures of terrorism and war.