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To: Enigma who wrote (84802)	4/27/2002 3:13:21 AM
From: Richnorth	Read Replies (2) \| Respond to of 116822

Do you think the following report is believable? US economy grew 5.8% in first quarter Firms slash inventories of unsold goods at slower pace, bolstering GDP and reinforcing view that recession is over WASHINGTON - The United States economy, staging a spectacular recovery, grew at a 5.8-per-cent annual rate in the first quarter as consumers spent solidly and a year-long trend of sharp cutbacks in business inventories showed signs of tapering off. The growth rate in the gross domestic product (GDP) in the first three months of the year is a full percentage point higher than the forecasts of economists. Advertisement And the pace of growth was the strongest since the economy soared 8.3 per cent in the final quarter of 1999. The news cheered Wall Street initially but, faced with a mixed bag of corporate news, stocks headed lower later in the morning. The Dow fell 45.25 points, or 0.45 per cent, to 9,989.81, about 1 1/2 hours into trade. The Nasdaq was down 16.12 points, or 0.94 per cent, at 1,697.58. The Commerce Department's report yesterday - an 'advance' estimate of GDP - reinforced the view that the country has emerged from a recession that began in March last year. The single biggest factor bolstering GDP in the first quarter was an abrupt slowdown in the pace at which firms pared back inventories of unsold goods. Firms have slashed their inventories for five straight quarters but, in the first quarter, they did so at a much slower rate than previously. Production can go up when companies begin relying less heavily on inventories to meet customer demand. Businesses cleared out US$36.2 billion (S$65.7 billion) worth of inventories in the first quarter after cutting a record US$119.3 billion from October to December. That adjustment contributed 3.1 percentage points to the increase in GDP. But that also suggests the magnitude of the swing in inventory levels in coming quarters will be less and would not provide much of a boost to economic growth, economists said. Consumer spending grew at a 3.5-per-cent annual pace in the first quarter, compared with a 6.1-per-cent pace in the last three months of last year. That is still stronger than many businesses expected at the start of the year. But consumer spending may cool after the surge in the last two quarters. Indications of this were strengthened yesterday by the University of Michigan's gauge of consumer confidence. The Mid-East conflict, accompanied by a surge in gasoline prices, helped push the university's index down to 93 this month, from 95.7 last month. --Reuters, Bloomberg News, AP, AFP

To: Enigma who wrote (84802)	4/27/2002 7:01:56 AM
From: long-gone	Read Replies (1) \| Respond to of 116822

<<Bush has noting to do with what's happening in a pro-active sense nothing has changed >> You IDIOT, Clinton Gore Bombed gold at each and every turn.Bush has done no such thing & has remained committed to allowing the market to set the value of the dollar.

To: Enigma who wrote (84802)	4/27/2002 7:44:03 AM
From: long-gone	Read Replies (1) \| Respond to of 116822

Guess you didn't hear about the cold blooded murder in Israel over night, or you did, & simply don't understand & care.

To: Enigma who wrote (84802)	4/27/2002 7:57:15 AM
From: unregmarket	Read Replies (1) \| Respond to of 116822

What ozone are you breathing? Ironic that U.S. encourages Israeli withdrawal a couple weeks ago and the withdrawal starts? Of course Sharon wasn't going to do it all in one day ... perhaps that was all part of the plan, too. You think the U.S. really wanted them to take pressure off of Arafat? Ironic that Bush, during 2000 campaign, noted that Clinton's 8 years of freewheeling debt escalation and strong dollar policy didn't bode well for the long-term and, therefore, monetary policy changes would be required? Thank the powers that be that Slick Willy wasn't around looking for Monica and friends on September 11 because he was too afraid to leave the White House. REM