THE ECONOMY

Fed Chief Says Economic Growth May Be Underestimated: The government may be underestimating growth by failing to give adequate weight to technological advances, Alan Greenspan said. The Federal Reserve Board chairman said gross domestic product, the government’s most comprehensive gauge of the economy, does not include many factors that contribute to productivity. “The implication is that, properly measured, economic output has been growing faster than conventional measures suggest,” he said in a speech prepared for the Economic Club of Chicago. Greenspan gave no indication that his analysis has a bearing on current monetary policy.