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SPXL 225.98+1.9%Dec 10 4:00 PM EST
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To: pallmer who wrote (4196)12/20/2002 8:52:28 AM
From: pallmer  Read Replies (1) of 29602
 
-- US economy up solidly in third quarter, slowing now --

WASHINGTON, Dec 20 (Reuters) - The U.S. economy expanded
briskly in the third quarter on a wave of consumer spending,
the Commerce Department confirmed on Friday, but growth is
forecast to slow sharply in the closing months of the year.
U.S. gross domestic product, the measure of total output
within U.S. borders, rose at an annual rate of 4 percent in the
July-September three-month period -- the same as estimated a
month ago and more than triple the 1.3 percent rate posted in
the second quarter. The department's third and final assessment
of third-quarter performance issued on Friday contained only
minor changes from the figures it published a month ago.
The GDP figure was in line with Wall Street economists'
expectations and was likely to have little or no impact on
financial markets.
First estimates for fourth-quarter GDP will not be issued
until January, but private-sector forecasters see the pace of
expansion trailing off to less than half the rate seen in the
third quarter. The widely watched Blue Chip economic
forecasters group estimated earlier this month that
fourth-quarter GDP will brake to an anemic 1.4 percent annual
rate before beginning to add power and grow more rapidly in
2003.
((Reporting by Glenn Somerville; Reuters Messaging: Glenn.
Somerville reuters.com@reuters.net; +1 202 898 8310))

(C) Reuters 2002. All rights reserved. Republication or redistribution of
Reuters content, including by caching, framing or similar means, is expressly
prohibited without the prior written consent of Reuters. Reuters and the Reuters
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companies around the world.


nN20150377
US/GDP1

20-Dec-2002 13:36:48 GMT
Source RTRS - Reuters News
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