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| Second-Quarter 2004 GDP Revisions (Part I) - Aug. 27, 2004 |
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Introduction
Earlier today, the Commerce Department released its preliminary estimate of second-quarter 2004 GDP. Based on today's report, real gross domestic product grew at an annual rate of 2.8% during the June quarter. This represented a decline from the initial estimate of 3.0%, released on 7/30.
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The day of GDP releases, I usually publish a rundown of the numbers that day, accompanied by some commentary. This time, I plan on writing something a bit more elaborate. Thus, it will not be out until either over the weekend or next Monday.
In most respects, today's revised numbers conform quite closely to the observations I made in last week's missive entitled, "August 27, 2004: A Day That Will Live in GDP Infamy?" (published 8/20). If I had to critique the economy in only two words, based on today's numbers, the words would be: "weakening" and "stagflation."
More to come!
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