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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (19308)12/22/2004 11:00:36 AM
From: RealMuLan  Read Replies (1) of 116555
 
U.S. Economy Grew at 4% Rate in Third Quarter (Update2)

Dec. 22 (Bloomberg) -- The U.S. economy grew at a 4 percent annual rate from July through September, faster than previously estimated, according to government figures that suggest the expansion may continue at a similar pace into 2005.

The final calculation of gross domestic product for the third quarter compares with an estimate last month of 3.9 percent, the Commerce Department said in Washington. A smaller trade gap than calculated before caused most of the revision. GDP expanded 3.3 percent in the second quarter.

Consumer spending grew at the fastest pace in almost three years, business investment accelerated and inventory accumulation slowed during the quarter. The need to increase stockpiles amid continued strong sales will buoy GDP in the current quarter, economists said.

``What it showed overall is a strengthening economy through strengthening domestic demand,'' said Peter E. Kretzmer, senior economist at Banc of America Securities in New York, which correctly forecast GDP. ``There's a fair amount of momentum for this quarter we are in,'' he said, noting that ``production has picked up a little bit and more inventory building is probably going to take place.''

Economists at JPMorgan Chase Securities in New York say the economy is likely to grow 4 percent this quarter. The consensus forecast from a Bloomberg News survey earlier this month calls for growth this year of 4.4 percent, the most since 1999. Growth was 3 percent in 2003.

Tame Inflation
...

quote.bloomberg.com
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