Advance estimates released by the Commerce Department show real GDP rising 2.8% in the first quarter. substantially above the 1.5% that analysts had generally anticipated. The lower forecasts was based in part on the General Motors strike, the government shut down, and the exceptionally hard winter. The Commerce Department estimated that the real GDP would have increased 4.2% in the first quarter without the auto production figures, and that other special factors trimmed 0.2% off the overall growth rate.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-05, pp. 08-09, 05.01.1996.