PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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To: tejek who wrote (449365)	8/28/2003 8:53:58 AM
From: Hope Praytochange	Read Replies (3) of 769667

Economy Grows at 3.1 Percent Rate in 2Q By THE ASSOCIATED PRESS Filed at 8:34 a.m. ET WASHINGTON (AP) -- The U.S. economy emerged from the doldrums in the second quarter of this year and grew at a solid 3.1 percent annual rate, a better performance than the government thought just a month ago. The revised reading on gross domestic product released by the Commerce Department Thursday showed the economy picking up more speed in the April to June quarter than the 2.4 percent growth rate first estimated. The 0.7 percentage-point improvement to GDP reflected more military spending for the Iraq war and more robust spending by consumers and businesses than the government previously thought. The revised second quarter reading was stronger than the 2.9 percent growth rate economists were expecting and marked the economy's best performance since the third quarter of 2002. The rebound came after two straight quarters of anemic economic growth. GDP, which measures the value of all goods and services produced within the United States, increased at just a 1.4 percent pace in the final quarter of 2002 and the first three months of this year.

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