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To: Lee who wrote (134339)	6/24/1999 11:35:00 AM
From: arthur pritchard	Respond to of 176387

Lee, Thanks GW PLANNER ( friend of Arthur Pritchard )

To: Lee who wrote (134339)	6/24/1999 11:55:00 AM
From: Mohan Marette	Respond to of 176387

<-OT->Lee,thanks-I saw that,mfg is doing OK they tell me,I guess the 'transportation' thing spooked the bond-schmoes,that and the uncertainty about interest rate thing,what uncertainly anyway I thought it was a forgone conclusion by now,at least the market says so.Oh well screw'em,I am not going to lose any sleep over it.<vbg>

To: Lee who wrote (134339)	6/25/1999 9:11:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 176387

U.S. first quarter GDP revised up, profits strong-(Oh my god Recession) Good morning Lee: I see 'recession' looming large in somebody's mind,do you see it?<g> ================================== WASHINGTON, June 25 (Reuters) - U.S. economic growth was more vigorous during the first quarter than thought earlier, the Commerce Department reported on Friday, while corporations reaped their biggest profit increase in four years. Gross domestic product, or GDP, expanded at a 4.3 percent annual rate in the three months from January through March instead of 4.1 percent as trade became less of a drag on growth. Prices remained muted but the stronger growth report comes only days before the Federal Reserve is expected to announce that it is raising interest rates to head off future inflation. The final estimate of growth in first-quarter GDP was slightly higher than the 4.2 percent forecast by Wall Street economists. Most analysts anticipate a modest slowing in second-quarter GDP growth to a rate around 3 percent though consumer spending -- the economy's rocket fuel -- has remained strong. Commerce said consumer spending on goods and services grew by 6.7 percent in the first quarter instead of 6.8 percent as it estimated a month ago. That still was up from a 5 percent increase in last year's fourth quarter for the fastest quarterly pickup in 11 years -- since a 7.2 percent jump in the first quarter of 1988. Company profits after taxes fattened at a 6.2 percent rate to a seasonally adjusted $501.9 billion in the first three months this year, a sharp turnaround from last year's fourth quarter when profits shrank by 1 percent as tobacco companies paid money out to settle lawsuits. Commerce said the increase in profits was the highest for any quarter since a 7.9 percent increase in the first three months of 1995. The key reason cited by the government for revising up its estimate of first-quarter GDP growth was a narrowing in the trade deficit as exports were revised up and imports were revised down. A brightening economic picture in Asia has improved overseas sales opportunities and stimulated a pickup in U.S. manufacturing activity.