W Oughtta Play This Up

Even with two devastating hurricanes striking crucial areas, the economy is motoring:

WASHINGTON (AP) - Economic activity expanded at an energetic 3.8 percent annual rate in the third quarter, providing vivid evidence of the economy's stamina even as it coped with the destructive forces of hurricanes Katrina and Rita.

The latest snapshot of the country's economic performance, released by the Commerce Department on Friday, even marked an improvement from the solid 3.3 percent pace of growth registered in the second quarter.

Growth in the third quarter was broad-based, reflecting brisk spending by consumers, businesses and government.

"Holy Katrina! The economy weathered two major hurricanes and in spite of that showed accelerated growth," said Ken Mayland, president of ClearView Economics. "I think what this shows is that fundamentally the economy was and is in really good shape."

Disregarding that stupid statment from Mr. Mayland, this is a huge indicator that economic activity will stay strong. I predict that fourth quarter numbers will come back even stronger.

Update: Wall Street likes it.