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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (20355)	6/27/2002 7:41:41 AM
From: smolejv@gmx.net	Read Replies (1) \| Respond to of 74559

>>I really am just keeping an on-line interactive journal recording my journey through the financial-scape<< Practical question (I always wondered, to be honest) - how TH do you do it?! Must be simple, evident and not-yet-realized/understood ("d*n, I should have known...") by dj

To: TobagoJack who wrote (20355)	6/27/2002 10:03:41 AM
From: AC Flyer	Read Replies (2) \| Respond to of 74559

But now, Jay, it is time to forsake the dark side. The dismal nadir will be postponed. US GDP Grows at Fastest Pace in More Than 2 Years Updated 9:36 AM ET June 27, 2002 By Joanne Morrison WASHINGTON (Reuters) - The U.S. economy raced ahead at its fastest clip in more than two years in the first quarter, up from earlier estimates and reflecting a better-than-expected showing for consumer spending and business investment, the government said on Thursday. U.S. gross domestic product (GDP), the broadest measure of goods and services produced within the country's borders, grew at a revised 6.1 percent seasonally adjusted annual rate during the first three months of this year, up from an earlier estimate of 5.6 percent, the Commerce Department said in its final reading for the quarter. "The stronger than expected GDP number confirms that the U.S. did not really experience a recession in classic terms, but instead experienced an economic slowdown," said Edgar Peters, chief investment officer at PanAgora Asset Management in Boston. Still, the government's latest GDP estimate beat Wall Street expectations but the number is unlikely to reassure financial markets shell-shocked by a series of corporate accounting scandals and worried about signs the economic recovery has since become more uneven. Economists in a Reuters poll forecast, on average, that U.S. GDP growth would remain at a 5.6 percent annual rate for the quarter. "The economy is experiencing a mild recovery from a mild slowdown. Disappointment came because everyone expected a more pronounced recovery after a severe recession," said Peters. Consumer spending, which fuels two-thirds of the economy, grew at a 3.3 percent annual rate during the quarter, up slightly from the earlier 3.2 percent estimate. A smaller decline than first estimated in consumer purchases of durable goods, big-ticket items intended to last for several years, helped push up the spending figure. Business spending -- which Federal Reserve officials regard as crucial to a sustainable economic expansion -- declined during the first three months of the year but not as sharply as previous estimates. According to the report, business investment fell at a 6.2 percent annual rate, a smaller drop than the previously estimated 8.2 percent decrease. In one bright light, while businesses did not break ground on new plants, spending on equipment and software was up 0.1 percent, the first gain since the third quarter of 2000. The biggest surge in defense spending since 1967 following the Sept. 11 attacks also helped push up GDP growth during the quarter.