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Politics : Formerly About Applied Materials

AMAT 322.51

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Feb 6 9:30 AM EST

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To: StanX Long who wrote (63976)	5/24/2002 2:05:40 AM
From: StanX Long	Read Replies (1) of 70976

U.S. 1st-Qtr Economic Growth Rate Seen at 6%: Bloomberg Survey By Siobhan Hughes and Terry Barrett quote.bloomberg.com Washington, May 24 (Bloomberg) -- The U.S. economy probably grew at a 6 percent annual pace in the first quarter, faster than initially estimated and faster than is likely for the rest of the year, economists said. The projected increase in gross domestic product, based on the median of 59 forecasts in a Bloomberg News survey, would exceed the 5.8 percent in an earlier report and be up from 1.7 percent in the last three months of 2001. The likely pace hasn't been beaten since 8.3 percent in the 1999 fourth quarter. A smaller drop in inventories than first thought and an improved trade picture are likely to cause the revisions. General Motors Corp. and other companies stepped up production in the first quarter, as stockpiles dwindled while Americans kept shopping. The pace of expansion is likely to moderate for the rest of 2002 as consumers pull back. ``Production will continue to increase, and we'll see some inventory accumulation, but the economy is still improving slowly and we're seeing that in industrial production going up slower than average compared to other recoveries,'' said Gary Thayer, chief economist at A.G. Edwards & Sons Inc. in St. Louis. ``Businesses are still being very cautious.''

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