The U.S. economy posted its strongest performance in almost two years during the first quarter of 2002, according to the U.S. Commerce Department.

Friday morning, revised figures were released showing the nation’s gross domestic product increased 5.6%, down slightly from the earlier reported 5.8%.
This total measure of output of goods and services produced in the United States follows a 1.7% gain in the fourth quarter of last year and a 1.3% drop in the third quarter.
Newport Communications Senior Economist Jim Haughey predicts this better performance to continue this year.
“April data for retail and manufacturing sales assure another strong GDP gain this quarter, probably in the neighborhood of 5%,” he said.
“Inventory will again be the key factor. Initial April estimates show a large decline in inventory reduction. This adds directly to GDP.”
The Commerce Department said during the first quarter, consumer spending increased 3.2%, down slightly from the first reported 3.5% jump. Business investment fell 8.2%, lower than the initially estimated 5.7% drop.