GNP Revised Upward: The Commerce Department reported...

GNP Revised Upward: The Commerce Department reported that the U.S. economy grew at its second-slowest pace in 3 1/2 years from January through March. The gross national product--the nation’s total output of goods and services--grew at a revised 1.9% annual rate in the first quarter. At the same time, the department revised a price index tied to the GNP to show an annualized inflation rate of 6.4% for the quarter. The department said half of that increase was because of rising food and energy prices caused by unusual winter weather. Analysts predicted that prices would decline during the rest of the year. They said they expect only modest improvement in the GNP for the rest of the year. The first-quarter GNP was up from the 1.1% annualized rate in the final quarter of 1989. That was the slowest quarterly growth since a 0.8% gain in the summer of 1986.

GNP

Source: Commerce Dept