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PNC BANK CHIEF ECONOMIST: SLOWER FIRST-QUARTER GROWTH NOT A THREAT TO MODERATE ECONOMIC EXPANSION

 PITTSBURGH, April 29 /PRNewswire/ -- The Department of Commerce/Bureau of Economic Analysis today released the first-quarter estimates for Gross Domestic Product (GDP).
 Real GDP grew by 1.8 percent annually in the first quarter, somewhat weaker than expected.
 According to Stuart Hoffman, PNC Bank's (NYSE: PNC) chief economist:
 -- "We're in a two-step forward, one-step back economic expansion. We took that one step backward in the first quarter, but it's not an about-face for the economy."
 -- "Consumers pulled back on spending after splurging last Christmas. The hesitant consumer combined with a big drop in national defense spending were the two main drags on growth last quarter."
 -- "Inflation picked up steam in the first quarter, but this upturn should reverse in the spring and summer months. There is little risk of a turn for the worse."
 /delval/
 -0- 4/29/93
 /CONTACT: Cindy Jergan of Ketchum Public Relations, 412-456-3584, for PNC Bank/
 (PNC)


CO: PNC Bank ST: Pennsylvania IN: FIN SU: ECO

CD-KC -- PG004 -- 2607 04/29/93 11:21 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
Words:169
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