The Gap reported sharply higher sales, but its stock fell after it said its growth would moderate in 1992.

Economists predict that the economy's strong growth since the fourth quarter of 1992 will moderate in the second half of the year.

So they need to see signs that growth is moderating.

But slower economic growth would moderate the impact on the price of oil and other commodities.

Some economists said it was an indication that economic growth was moderating.

Separately, the index of leading economic indicators was flat in May, a sign that growth will moderate in the coming months.

But as economic growth moderated, the Fed began nudging rates downward.

Analysts said the decline reflected concern that growth would moderate in the coming year, to a figure in the mid-20 percent range.

But, he added, "it seems reasonable to expect that economic growth will moderate to a more sustainable pace as the year progresses."

But economic growth, in fact, is moderating, although the extent of that moderation is still unknown.