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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: NOW who wrote (10012)	7/30/2004 8:44:34 AM
From: mishedlo	Read Replies (1) of 116555

U.S. Q2 GDP slows to 3.0% pace from 4.5% rate in Q1 By Greg Robb WASHINGTON (CBS.MW) -- The U.S. economy slowed in the second quarter of the year, growing at a 3.0 percent annual rate, the Commerce Department estimated Friday. The second quarter growth rate was weaker than expected. The consensus forecast of Wall Street analysts was for Q2 GDP growth in the range of 3.6 percent. In the first quarter, growth rose a revised 4.5 percent compared with the previous estimate of a 3.9 percent rate. The slowdown in the second quarter was caused by weakness in consumer spending. Consumer spending rose 1.0 percent in the second quarter, down from a 4.1 percent rate in the first quarter. This is the slowest pace of consumer spending since the second quarter of 2001.The weakness was partially offset by exports and residential investment. Inflation moderated in the second quarter with the core personal consumption index rising 1.8 percent compared with a 2.1 percent gain in the first quarter.

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