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Tar Heel Pundits
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Thursday, August 01, 2002

Economic news

The GDP grew only at a pace of 1.1 percent last quarter, a much lower rate than analysts expected. While exports were up some 11 percent, imports were still up over 20 percent meaning the trade deficit is still getting larger.
The Federal Reserve yesterday released its latest survey of economic conditions, which found modest growth continuing across the country, tapering off in some areas but improving in others. Retail sales were mixed, manufacturing generally improving and residential housing sales and construction quite strong. The commercial real estate sector was described as "weak." Labor markets were "slack" but not showing new signs of weakness, with wage increases rising relatively slowly. Prices of finished goods and services were "flat."
J. Bradford DeLong contends that it might be time to cut interest rates further...

posted by John Branch @ 9:14 AM

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