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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: StanX Long who wrote (56625)	11/30/2001 2:05:55 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

11/30 00:01 U.S. Third-Quarter GDP Probably Shrank at 1% Rate: BN Survey By #<50932># -0- quote.bloomberg.com Washington, Nov. 30 (Bloomberg) -- The U.S. economy probably shrank in the third quarter at the fastest pace in 10 years, as cuts in inventories and business investment deepened the recession, analysts said in advance of a revised report set for release today. Gross domestic product, the value of all goods and services produced in the U.S., probably fell at a 1 percent annual rate from July through September, a larger decline than the government's initial estimate of 0.4 percent, according to the median of 55 forecasts in a Bloomberg News survey. The economy is likely to shrink again this quarter as General Motors Corp., Ford Motor Co. and other manufacturers further pare stockpiles. That may clear the path for businesses to increase production next year, helping end the recession. The contraction, which began in March, is the first in 10 years. ``We are hitting the bottom in the fourth quarter,'' said David Wyss, chief economist at Standard & Poor's in New York. ``The inventory correction will have run its course and you are going to see the consumer coming back'' by early next year, he said.