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Technology Stocks : Discuss Year 2000 Issues -- Ignore unavailable to you. Want to Upgrade?

To: flatsville who wrote (5575)	4/21/1999 7:39:00 AM
From: flatsville	Respond to of 9818

David--Speaking of US GDP...Looks like downward revisions are in order for the short term. Tuesday April 20, 8:44 pm Eastern Time Wall St. slashes U.S. GDP outlook after trade data By Steven Scheer NEW YORK, April 20 (Reuters) - Wall Street firms sharply dropped their estimates of U.S. Gross Domestic Product (GDP) growth on Tuesday after a shocking surge in the nation's trade deficit suggested the international sector was taking a much larger chunk out of growth than previously assumed. Economists slashed their forecasts for first-quarter GDP growth data to an average annualized rate of about 3 percent from 4 percent. The Commerce Department said America's trade gap swelled by more than $2.5 billion to a record $19.44 billion in February. That gap was far wider than the $16.9 billion gap U.S. economists projected in a Reuters survey, and smashed the previous record of $16.9 billion hit in January. ''There are a lot of cheap goods flowing into the U.S. and consumers are taking advantage of that these days,'' said Ethan Harris, economist at Lehman Brothers. After the trade report, he lowered his estimate of first-quarter GDP growth to an annualized rate of 3 percent from his earlier forecast of 3.5 percent. Some private economists cut their forecasts even more drastically, turning in outlooks as low as 2.5 percent growth for the three months ending March 31 .