May 01, 1998

The Commerce Department announced yesterday the preliminary gross domestic product figures which showed the U.S. economy expanded 4.2% in the first quarter, up from 3.7% in the last quarter of 1997. The strong performance surprised most Wall Street economists who had been expecting a rise of 3.3%. The relatively robust expansion came as little surprise to us. We had expected annual real growth for 1998 to exceed 3.35%. For the year, our growth predictions were higher than most.

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