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To: pallmer who wrote (4196)	12/20/2002 8:52:28 AM
From: pallmer	Read Replies (1) \| Respond to of 29602

-- US economy up solidly in third quarter, slowing now -- WASHINGTON, Dec 20 (Reuters) - The U.S. economy expanded briskly in the third quarter on a wave of consumer spending, the Commerce Department confirmed on Friday, but growth is forecast to slow sharply in the closing months of the year. U.S. gross domestic product, the measure of total output within U.S. borders, rose at an annual rate of 4 percent in the July-September three-month period -- the same as estimated a month ago and more than triple the 1.3 percent rate posted in the second quarter. The department's third and final assessment of third-quarter performance issued on Friday contained only minor changes from the figures it published a month ago. The GDP figure was in line with Wall Street economists' expectations and was likely to have little or no impact on financial markets. First estimates for fourth-quarter GDP will not be issued until January, but private-sector forecasters see the pace of expansion trailing off to less than half the rate seen in the third quarter. The widely watched Blue Chip economic forecasters group estimated earlier this month that fourth-quarter GDP will brake to an anemic 1.4 percent annual rate before beginning to add power and grow more rapidly in 2003. ((Reporting by Glenn Somerville; Reuters Messaging: Glenn. Somerville reuters.com@reuters.net; +1 202 898 8310)) (C) Reuters 2002. All rights reserved. Republication or redistribution of Reuters content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters and the Reuters sphere logo are registered trademarks and trademarks of the Reuters group of companies around the world. nN20150377 US/GDP1 20-Dec-2002 13:36:48 GMT Source RTRS - Reuters News