Economic Growth Revised Upward

Fri., Aug. 29, 1997

From Staff And Wire Reports

The nation’s economy grew at a robust 3.6 percent annual rate in the April-June quarter, scarcely slackening from the torrid pace set early this year.

Thursday’s Commerce Department report on the gross domestic product, the sum of all goods and services produced within U.S. borders, marks a substantial change from a month-old estimate showing the economy expanding at a sedate 2.2 percent rate in the second quarter.

The revision, the largest in 3-1/2 years, nearly wipes out what economists had viewed as a welcome, inflation-calming respite from the rapid 4.9 percent growth rate in the first three months of the year.

Separately, the Labor Department said first-time claims for unemployment benefits fell last week by a larger-than-expected 16,000 to 323,000.

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Economic Growth Revised Upward

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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