Today's figures bolster the optimists' case. The 2.4 percent annual growth rate in the second quarter was much higher than the anaemic 1.4 percent of the first quarter. Defence expenditure provided part of that acceleration, up by 44 percent on the previous year and the biggest jump since 1951.

Spending by individuals in shops and on houses was also higher though as was spending on equipment by companies, though the rise in spending by people and companies was nowhere near as big as the rise by government.

It seems that post-war pessimism is lifting for businesses which have also run down their stocks of unsold goods and may now be thinking of spending more and perhaps hiring staff.

The figures mean that the chances of Mr Bush losing next year's election because of the economy are much slimmer.