Full text of U.S. Financial Data : February 28, 2002
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February 28, 2002 USFinancialData THE WEEK’S HIGHLIGHTS: s Chairman Alan Greenspan delivered the Federal Reserve’s semiannual Monetary Policy Report to Congress on Feb. 27. In his testimony, he noted the FOMC’s economic projections for 2002: [T]he central tendency of the forecasts of the members of the Federal Open Market Committee is for real GDP to rise 2-1/2 to 3 percent during 2002. Such a pace for the growth of real output is somewhat below the rates of growth typically seen early in previous expansions…In line with past experience during the early stages of expansion, labor market performance is expected initially to lag as firms rely primarily on overtime and shifts from part-time to full-time work. The unemployment rate is anticipated to rise somewhat further over 2002, to the area of 6 to 6-1/4 percent. FOMC members evidently anticipate that slack in resource utilization, the lagged effects of past declines in energy prices, and productivity growth will keep inflation low this year, with the price index for personal consumption expenditure increasing about 1-1/2 percent. s Revised estimates showed that real GDP rose at a 1.4 percent annual rate during the fourth quarter of 2001, 1.2 percentage points above the advance estimate published in January. s In January, the current-dollar value of new orders for manufactured durable goods rose 2.6 percent. The value of manufacturers’ inventories fell 0.6 percent, which was the smallest drop in nine months. All data are seasonally adjusted unless otherwise indicated. U.S. Financial Data is published weekly by the Research Division of the Federal Reserve Bank of St. Louis. For more information on data, please call (314) 444-8590. To be added to the mailing list, please call (314) 444-8809. Information in this publication is also included in the Federal Reserve Economic Data (FRED) data base on the internet at www.stls.frb.org/fred.