May 02, 2000

The Commerce Department reported that the U. S. economy grew at a 5.4% annual rate and that the GDP deflator, a key measure of inflation, increased at 2.7% during the first quarter. The report, when combined with the employment cost index report, appears to lend support to some analysts concerns of rising inflation. These analysts believe that the robust U. S. job market is beginning to spur employers to pay higher benefits and that consumers, armed with heftier paychecks backed by paper gains from the stock market, are willing to pay more for goods and services.

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