Economic Improvement?

Chart of the Week for April 30-May 5, 2004

Initial reports show that the Gross Domestic Product (GDP) expanded 4.2% in the first quarter 2004 but was below consensus estimates. Much of the growth was attributed to Federal defense spending (15.1%) and business equipment and software spending (11.5%). Sluggish sales of autos, decreased imports and weak state and local government spending held the growth to the unanticipated level. GDP measures the total production and consumption of goods and services in the U.S.

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