GDP GROWTH REVISED UPWARD

United States third quarter gross domestic product was revised upward from 1.6% to 2.2% for the July through September period of this year. That is a positive sign, but according to an article in The New York Times, other signs, bulging corporate inventories and the deteriorating housing market, point to a steep decline for the rest of the year and economists believe the slide is not over as the economy cools from hot first quarter growth rate of 5.6%.