Good news for people who love bad news?

The good news? As KPC reported earlier would probably be the case, the second quarter growth number was revised upward today from 3.4% to 4.0%.

Of course no one in the news media likes good news so immediately after reporting the number the AP opines: But the growth spurt could be short-lived. There are concerns that the recent turmoil in financial markets, a result of a spreading credit crisis, could seriously dampen economic activity in the second half of this year.

GDP growth may have slowed to just above 2 percent in the current quarter and many analysts believe growth will slow even further in the final three months of this year as the full impact of the recent market turmoil is felt.

The worry is that the roller coaster ride in stocks and spreading credit problems will shake consumer and business confidence and cause cutbacks in spending and hiring plans.

Translation: Don't worry, we will be miserable enough very soon.