Economy humming along: but Asian financial crisis threatens future GDP.(gross domestic product)
HFN: The Weekly Newspaper for the Home Furnishing Network, December, 1997
WASHINGTON -- Buoyed by strong consumer spending and business investment, the U.S. economy grew by a 3.1 percent annual rate in the third quarter, the Commerce Department reported last week.
The Commerce Department's third and final estimate for third quarter gross domestic product was slightly lower than the 3.3 percent rate estimated last month. The department said it made small downward revisions to all the major components of GDP.
In addition to revising economic growth downward, Commerce also lowered two inflation measures contained in the GDP report. The chain-weighted index for GDP was knocked down to 1.4 percent at an annual rate from the previously reported 1.5 percent pace.
And the implicit price deflator similarly was revised down to 1.4...
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