February 02, 1998

Last Friday, the Commerce Department announced the preliminary gross domestic product figures which showed the U.S. economy expanded 4.3% in the fourth quarter. For 1997 as a whole, Commerce said GDP growth was 3.8%. The relatively robust expansion came as little surprise. We had expected real growth for the quarter to exceed 3.7%, and had forecast the annual rate to be 3.5%. Throughout the year, our growth predictions were higher than most.

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