Farm Losses Slow GNP Growth
WASHINGTON — The U.S. economy grew slower than previously estimated between April and June, slipping from its pace during the first quarter of 1988 mainly because of drought-induced crop losses, the government said today.
The gross national product rose at a seasonally adjusted annual rate of 3.0% in the second quarter of the year instead of the 3.3% increase estimated in August, the Commerce Department said. The downward revision affirmed that the economy slowed from its more robust 3.4% rate of the first three months of the year and helped ease some financial analysts’ concern about an overheated economy that could rekindle inflation.
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