The American economy entered the summer on a strong note as gdp grew by an annualised 3.3% in the second quarter. That figure, released last week, was much better than the first estimate of 1.9%, and mostly reflected a strong trade performance. Another important factor was that, despite rising unemployment, soaring fuel prices and constricting credit, consumer spending managed to grow at a 1.7% annual rate. For that, thank a fiscal stimulus package that included $110 billion in tax rebates, of which $92 billion had been disbursed by early July. Without those cheques, Mac-roeconomic Advisers, a forecasting firm, figures that consumer spending would not have grown at all.
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