The Commerce Department increased its second-quarter GDP estimate by $9.4 billion, lifting the quarterly growth rate from 4.2% to 4.8%. Upward adjustments to business fixed investment and government spending, and a downward reappraisal of imports, dominated the revisions. The Department also lowered its estimates of consumer spending and the rate at which businesses added to their inventories.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-09, pp. 08-09, 09.01.1996.