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Politics : Formerly About Advanced Micro Devices

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To: Duncan Baird who started this subject	7/31/2002 9:13:57 AM
From: tejek	Read Replies (1) of 1574616

Economic Growth Weaker Than Expected First-Quarter GDP Also Revised Down Reuters WASHINGTON (July 31) - Economic growth faltered sharply during the second quarter and began the year at a slower pace than previously thought, the government said on Wednesday in a report that also confirmed a prolonged economic downturn last year. The Commerce Department said gross domestic product, or GDP, advanced at a 1.1 percent seasonally adjusted annual rate during the April-June second quarter -- half the 2.2 percent rate estimated by Wall Street economists. That followed a revised 5 percent rate of increase in the first quarter that previously was reported as a more robust 6.1 percent gain. As stock prices tumbled and accounting scandals multiplied during the spring quarter, consumer spending that fuels two-thirds of national economic activity grew at a much slower 1.9 percent annual rate after increasing at a 3.1 percent pace during the first quarter. Companies added to their stocks of unsold goods for the first time since the fourth quarter of 2000, building inventories at a rate of $1 billion in the second quarter after selling them down by $28.9 billion in the first three months of the year. Commerce revised its GDP data back to the start of 1999, revealing that national economic output contracted for three straight quarters during the first nine months of 2001, handily surpassing a rule-of-thumb definition that two quarters or more of declining output is a recession. Previously the government had reported that GDP shrank for only one three-month period, during the third quarter last year, which led Bush administration officials to dispute whether the economy had slipped into its first recession in a decade. 08:36 07-31-02 Copyright 2002 Reuters Limited.

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