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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Zoltan! who wrote (165061)	7/27/2001 10:45:07 AM
From: ColtonGang	Read Replies (3) \| Respond to of 769670

Can you spell r-e-c-e-s-s-i-o-n-..............U.S. growth slows GDP 2Q rates falls to 0.7%, lower than expected, as slowdown continues July 27, 2001: 10:09 a.m. ET NEW YORK (CNNfn) - The U.S. economy grew at the slowest rate in more than eight years in the second quarter as businesses slashed spending, the government said Friday, the latest signs of malaise in the world's largest economy. Gross domestic product (GDP) -- the broadest measure of the nation's economy – grew at a 0.7 percent annual rate in the quarter, the Commerce Department reported, a number that will be revised in later reports. Economists surveyed by Briefing.com expected a 0.9 percent growth rate in the second quarter. Separately, the Commerce Department also said new home sales rose 1.7 percent in June to a seasonally adjusted 922,000 annual pace, compared with a revised 0.2 percent gain to 907,000 in May. Analysts surveyed by Briefing.com expected home sales at a rate of 925,000. And the University of Michigan's final July consumer sentiment index, a key measure of consumers' confidence in the economy, edged down to 92.4 from 92.6 in June, according to a Reuters report. Analysts polled by Briefing.com expected a reading of 93.7. The GDP reading was the lowest since a 0.1-percent contraction in the first quarter of 1993. It was below the revised 1.3-percent growth rate in the first quarter and much lower than the revised 5.7-percent growth rate of a year earlier. "Basically [the number] showed the economy was weaker in the second quarter, weaker than expected, but the good news is that it did not come in negative," said Peter Cardillo, director of research at Westfalia Investments.