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To: ayahuasca who wrote (33118)	12/23/1998 12:49:00 PM
From: Probart	Read Replies (1) \| Respond to of 119973

Third Quarter Growth Revised Down Slightly Reuters WASHINGTON, (Dec. 23) - The U.S. economy grew slightly less strongly during the summer than previously thought as the nation's trade performance deteriorated, a Commerce Department report Wednesday showed. Commerce said the nation's gross domestic product expanded at a 3.7 percent annual rate during the July-September third quarter instead of the 3.9 percent it estimated a month ago -- still more than twice the second quarter's 1.8 percent rate of advance. Price rises remained muted, suggesting little or no inflation pressure. Distressed economies in Asia have been buying fewer U.S. products while simultaneously boosting their sales into the American market, resulting in a sharp rise in the overall U.S. trade deficit this year. Commerce said the main reason it revised third-quarter growth down was because imports were about $3 billion higher than it estimated a month ago while exports were $2.1 billion lower. Growth is expected to remain brisk during the fourth quarter, largely because of strong consumer spending, but to slow in 1999 as weak sales to overseas markets puts an increasing drag on manufacturing activity that may cause consumers to become more cautious about spending. On Tuesday, the Federal Reserve decided at its final 1998 policy settimg session to leave interest rates unchanged after cutting them in three rapid-fire moves from late September through mid-November. Private sector economists expect rates to come down further in 1999 in response to a widely anticipated slowdown in a long-running expansion now in its eighth year of unbroken growth.