Saturday, October 28, 2006

But Bush said the economy is doing great!

Housing slump.

"The economy has slowed to a snail's pace, growing in the just-finished quarter at the slowest rate in more than three years and stirring fresh debate about the country's financial health heading into the elections.

"The Commerce Department reported Friday that economic growth during the July-to-September period clocked in at an annual rate of just 1.6 percent — a subpar performance that mostly reflected the deepening housing slump. Investment in homebuilding was cut by the largest amount in 15 years."

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