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To: Terry Maloney who wrote (237611)	4/25/2003 9:56:03 AM
From: Terry Maloney	Read Replies (3) \| Respond to of 436258

Barfing.com comes up with yet another brilliant analysis: The numbers on GDP run contrary to the widespread belief that the economy was in tatters, perhaps even recession, in the first quarter. Certainly there were pockets of serious weakness. Non-farm payrolls fell 500,000 in just two months. Industrial production fell in February and March. But even through the war and all the negative news, the consumer kept right on spending. So did the government. Those are two very resilient entities. If it had not been for a 4.2% drop in business investment, which was undoubtedly temporarily curtailed by war fears, growth would have been much stronger.