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New economic data shows the U.S. economy grew more slowly than first thought. The US Commerce Department reports the nation's gross domestic product (GDP) expanded at a 2.2 percent annual rate from July to September, down from an earlier estimate of 2.8 percent. Despite the downgrade, other indicators1 suggest a strong showing in the fourth quarter. But some economists3 say an economic turnaround is not a sure thing.
The Commerce Department says the sum of all goods and services produced in the U.S. between July and September was lower than initial estimates because consumers did not spend as much, commercial construction was weaker and companies reduced their inventories4.
Even so, the final GDP numbers signal a return to growth after four straight quarters of decline. Wall Street reacted positively5, sending key indexes sharply higher - buoyed6 in part by a nearly 7.5 percent jump in sales of existing homes.
Economist2 Martin Neil Baily at the Brookings Institution says the latest indicators suggest the economy is on pace to beat third quarter results. "Most forecasters are looking at more than that in the fourth quarter, maybe four percent [GDP growth] or a little more than that. So given that the economy is turning around, it sort of looks good," he said.
The downside is that much of the growth in the third quarter was fueled by government stimulus7 spending. That includes the "Cash for Clunkers" rebates8 and the $8,000 tax credit for first time homebuyers.
As government programs unwind, so could the recovery. "Some of those forecasters see strong growth in 2010 and 2011. But I think that's far from a sure thing. I think it's quite possible that what we're seeing now is a kind of bounce back with inventories and so on and that you may not get a continuation of strong growth in 2010 and 2011," Baily said.
He admits economic forecasting is not a perfect science. He says the worst case scenario9 would be a period of growth, followed by stagnation10 and then another recession. "Unemployment is still very high, consumers have lost a lot of wealth. They're uncertain about their own employment situation. If they lose a job, it's very hard to get another job, so there are a lot of scary things out there in the economy," he said.
Despite the warning, analysts11 say the economy has bounced back faster than expected.
A survey of leading economists predicts the U.S. economy will grow four percent between October and December.
The government releases its first estimate of fourth quarter activity on January 29.
1 indicators | |
(仪器上显示温度、压力、耗油量等的)指针( indicator的名词复数 ); 指示物; (车辆上的)转弯指示灯; 指示信号 | |
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2 economist | |
n.经济学家,经济专家,节俭的人 | |
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3 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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4 inventories | |
n.总结( inventory的名词复数 );细账;存货清单(或财产目录)的编制 | |
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5 positively | |
adv.明确地,断然,坚决地;实在,确实 | |
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6 buoyed | |
v.使浮起( buoy的过去式和过去分词 );支持;为…设浮标;振奋…的精神 | |
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7 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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8 rebates | |
n.退还款( rebate的名词复数 );回扣;返还(退还的部份货价);折扣 | |
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9 scenario | |
n.剧本,脚本;概要 | |
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10 stagnation | |
n. 停滞 | |
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11 analysts | |
分析家,化验员( analyst的名词复数 ) | |
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