GDP Revised Higher to 5.3% Rate in First Quarter

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00015116-gdp-revised-higher-to-53-rate-in-first-qu/

More numbers that are supposed to matter from the Commerce Department today according to a MarketWatch story. The U.S. economy grew at a 5.3% rate in its first quarter, revising earlier statements of its gross domestic product estimates. Of course, that doesn?t mean the 5.3% won?t be revised itself at a later date.

The 5.3% rate wasn?t as much as economists wanted, setting their hearts on a nice, round 5.6%.

?In my view, the report as a whole is at the margin disappointing,? said Stephen Stanley, chief economist at RBS Greenwich Capital. ?We had looked for a higher Q1 growth figure, and the shortfalls were in the two most important categories, consumption and business investment.?

You can read more about this story at GDP revised higher to 5.3% rate in first quarter.