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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: DuckTapeSunroof who wrote (748460)	8/31/2006 10:35:09 AM
From: Hope Praytochange	Read Replies (1) \| Respond to of 769667

US Second-Quarter GDP Revised Up The U.S. economy didn't brake as hard last spring as first thought, the government said today in raising its estimate for second-quarter growth partly because of stronger inventory building by businesses. Gross domestic product increased at a 2.9% annual rate April through June, the Commerce Department said in its first revision to second-quarter 2006 GDP. The government initially estimated growth at 2.5%. The 2.9% seasonally adjusted gain in GDP was much weaker than the first quarter's 5.6% push forward. Second-quarter price inflation estimates were left largely unchanged. The report showed corporate profits after taxes climbed 2.1% to $1.135 trillion in April through June from the first three months of 2006. Profits increased 14.8% in the first quarter. Year over year, profits climbed 19.5% since the second quarter of 2005. More stockpiling and spending by companies as well as higher exports were behind the upward revision to GDP, which is a measure of all goods and services produced in the economy. Wall Street expected a slightly bigger upward revision to second-quarter GDP; the median estimate of 22 economists surveyed by Dow Jones Newswires was a 3.0% increase. Content © 2006 Dow Jones & Co., Inc. All rights reserved.