NAM says 3Q economic growth due to auto sale incentives
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Manufacturing News, Source : TheManufacturer.com
Published : 31 Oct 2002 18:38
The Commerce Department’s advance report indicated that the economy grew at an annual rate of 3.1% for the third quarter of 2002, a major improvement over the 1.3% increase in the second quarter.
“Today’s news of accelerated economic growth in the third quarter is a real treat, but we shouldn’t let it trick us,” said Jerry Jasinowski, president of the National Association of Manufacturers.
“Roughly half of the 3.1% third-quarter growth came from an unsustainable 48% increase in consumer motor vehicle purchases in response to 0% financing offers by auto companies in July," he said. "Excluding these auto sales, the GDP edged up just 1.6% in the third quarter. As auto sales taper off, I expect overall growth to come in at about 2% in the fourth quarter.”
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