25 May 2001, 09:03 Greenspan -- 3
Greenspan said he believes there has been a structural pickup in
the underlying productivity rate in the U.S. and there is "persuasive
evidence" for this.
However, investment demand ultimately depends on the strength of
the consumer market for goods and services and "there are also downside
risk to consumer spending over the next few quarters," he said.
"Furthermore, most survey measures suggest consumer sentiment,
while having stabilized recently, remains fragile," he added.
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