The numbers are out.  The economy expanded at a 3.3 percent rate from April through June, far faster than first thought.  The outlook for the remainder of the year remained grim.

“Even as investors celebrated with a rally in the stock market, pushing the Dow up more than 200 points, economists cautioned that consumer spending and foreign demand would probably dry up in the months ahead.”

“With layoffs on the rise, corporate profits falling, and the housing slump still in full swing, the report was seen by many analysts as something of a last gasp.”
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