U.S. gross domestic product (GDP), “the output of goods and services produced by labor and property located in the United States,” grew at an annualized rate of 3.0% in April, May, and June of 2004. While still very strong, growth slowed from the torrid 4.5% rate sustained in the first quarter (January, February, and March).

One can find a silver lining in the GDP numbers. According to the U.S. Bureau of Economic Analysis,

The slowdown in GDP growth was mainly accounted for by decelerations in consumer spending (especially for food and clothing) and, to a lesser extent, in inventory investment.

In contrast to the slowdowns in consumer spending and inventory investment:

• residential investment accelerated on the strength of house sales,
• business investment accelerated, partly on the strength of aircraft and computer purchases, and
• exports accelerated, as most categories of both goods and services were stronger than in the first quarter. …

Inflation-adjusted after-tax personal income increased 2.9 percent after increasing 3.2 percent.

If any other developed nation reported 3.0% growth, there would be dancing in the streets. And yet the Democratic Party’s ghouls are still trying to convince Americans that times are bad, for example, in the “debate” over whether good versus bad jobs are being created -- never mind that almost one million new jobs have been created in just the last three months.

According to CNNMoney.com,

The U.S. economy is now adding high-paying and low-paying positions in near-equal measure, according to a Federal Reserve study that suggests a political fight over job quality may be overdone. …

[Chicago Federal Reserve economist Daniel Aaronson:] "The jobs growth was more concentrated in low-paying sectors a year and a half ago. It's been improving since."

"I would expect that as the employment expansion continues, it would start to look better," he added.