Revised GDP Shows New Strength
Posted on: Thursday, 28 August 2008, 12:00 CDT
A revised second quarter increase of 3.3 percent in the gross domestic product was reported Thursday by the U.S. Labor Department in Washington.
The new GDP total represents almost double the earlier estimated growth figure of 1.9 percent and improves greatly on the 0.9 percent in the first quarter.
Stronger exports, reduced imports, private inventory investments and increased personal consumption were primary factors in the growth of the GDP, economists said.
The weaker dollar against the euro reportedly also played a strong role for improvements in the inflation-adjusted trade balance.
Peter Morici, former chief economist at the U.S. International Trade Commission, says forecasters expect GDP growth to slow to about 1.5 percent in the third quarter and to near zero in the fourth.
The good news, he says, is that productivity growth remains strong.
Source: United Press International
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