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

To: StanX Long who wrote (61053)	2/28/2002 12:41:12 AM
From: StanX Long	Read Replies (1) \| Respond to of 70976

U.S. Fourth-Quarter GDP Seen Growing at 0.9% Rate: BN Survey By Carlos Torres and Terry Barrett 02/28 00:01 quote.bloomberg.com Washington, Feb. 28 (Bloomberg) -- The U.S. economy probably expanded in the fourth quarter at a faster pace than reported last month as consumers spent more on American-made goods, analysts said in advance of today's revised report. Gross domestic product, the value of all goods and services produced in the U.S., probably grew at a 0.9 percent annual rate from October through December. That's a larger increase than the government's advance estimate of a 0.2 percent rise that was reported Jan. 30, according to the median of 61 forecasts in a Bloomberg News survey. The economy contracted at a 1.3 percent rate in the third quarter. U.S. companies were able to clear unwanted inventories at a record pace last quarter as Americans increased spending on U.S.- made automobiles, appliances and other big-ticket items. That's prompting manufacturers like General Motors Corp. to increase production which will likely lead to even faster growth this quarter, making this the mildest post-war recession on record. ``This will bury the recession story,'' said John Silvia, chief economist at Wachovia Securities Corp. in Charlotte. ``We are going to be gathering momentum for the rest of the year.'' The Commerce Department releases its revised estimate of fourth-quarter growth at 8:30 a.m. Washington time. At the same time, the Labor Department is expected to report new claims for unemployment benefits rose last week, while staying at a level that suggests job cuts are slowing. Jobless claims likely rose by 1,000 to 384,000 last week, analysts said. That would mark the eighth straight week claims have stayed below 400,000, a stretch not seen since March-April 2001, the start of the recession.