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Article: Robust Consumer Spending Spurs Growth in Economy
- Article from:
- Chicago Sun-Times
- Article date:
- June 30, 1994
- Author:
CopyrightCopyright 1994 Chicago Sun-Times. (Hide copyright information)
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WASHINGTON Led by surprisingly strong consumer spending, the
economy grew solidly during the harsh winter of 1994, but at only
about half the booming pace at the end of last year.
Analysts said the solid but unspectacular growth probably
carried over to the current quarter before higher interest rates
fully took hold to force a slowdown.
The Commerce Department said Wednesday that the gross domestic
product increased at a 3.4 percent annual rate in the first three
months of this year - 0.4 percentage point higher than the
government's estimate a month ago.
"I'm amazed at how resilient the economy was in the first
quarter despite the weather and the California earthquake," said ...