Thursday, June 29, 2006

"The economy sprang out of a year-end rut and zipped ahead in the opening quarter of this year at a 5.6 percent pace, the fastest in 2 1/2 years and even stronger than previously thought. The new snapshot of gross domestic product for the January-to-March period exceeded the 5.3 percent growth rate estimated a month ago, the Commerce Department reported Thursday. The upgraded reading — based on more complete information — matched economists' forecasts.The stronger GDP figure mostly reflected an improvement in the country's trade deficit, which was much less of a drag than previously estimated."