Economic Analysis: Q4 GDP In Perspective, CNNfn.

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Original Source: CNN MONEY MORNING

KATHLEEN HAYS, CNNfn ANCHOR, CNN MONEY MORNING: The government`s estimate of fourth quarter gross domestic product, as we said, coming in at 4.0 percent. And joining us with his reaction to the report, Chief Economist Bill Cheney of John Hancock.

Good morning, Bill.

BILL CHENEY, CHIEF ECONOMIST, JOHN HANCOCK: Good morning, Kathleen.

CHENEY: So it`s great to see you. I just want to double check with my control room because I am not hearing Bill`s sound and I just need to know if our viewers can hear or if I`m the only one who, for some reason, is not getting Bill`s audio right now.

So let`s just - I`m going to take a moment to go over some of these numbers while we get this little issue cleared up.

I want to give you some more details here because this is a real key report. It`s not just about the economy, it`s also about the political race because certainly President Bush is counting on a big pick-up in the economy to carry him over nicely into the White House and the Democrats are hoping maybe we don`t grow too quickly.

I gave you the consumer spending number. One thing good in this report is that the GDP deflator, which is a measure of inflation, grew at only a 1 percent rate. That`s down from the third quarter when it was 1.6 percent.

So...

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