Gross Domestic Product Friday, May 27, 8:30 A.M.

The Commerce Dept.'s second look at the first-quarter economy will probably show that real GDP grew at a 2.2% annual rate instead of the 2.6% pace first reported, say the MMS economists. Higher consumer spending and homebuilding likely offset a downward refiguring in inventory accumulation. The economy jumped at a 7% clip in the fourth quarter, but growth is expected to settle down to about 3% for the next two quarters of 1994.

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