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Friday, May 29, 2009 9:26:04 AM
"All of those reductions -- as well cutbacks in government spending -- more than swamped a rebound in consumer spending. However, consumers weren't nearly as energetic as the government first estimated. They boosted spending at a 1.5 percent pace, according to the revised figures. That was less than the 2.2 percent growth rate estimated a month ago."
Remember consumers (not government) are 2/3 of the GDP (economy)!
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