http://www.philly.com/mld/philly/business/6872006.htm
WASHINGTON - The U.S. economy, powered by a red-hot housing market and a huge dose of spending for the war in Iraq, grew at a surprisingly strong 3.3 percent clip last quarter and raised hopes for an even better performance the rest of the year.
The increase announced yesterday in the gross domestic product for the April-June period represented an upward revision from a 3.1 percent estimate a month ago.
Analysts said growth in the July-September quarter would be at a significantly higher rate, fueled by President Bush's newest round of tax cuts, which took effect in July, and continued low interest rates from the Federal Reserve, a combination that has helped to push auto and home sales to record levels.
"The economy is firing on all cylinders," said Sung Won Sohn, chief economist at Wells Fargo in Minneapolis. "The strong economic growth we are predicting in the future should create some new jobs." --Associated Press