The Commerce Department's final GDP estimate for 1996:IIQ put real economic growth at 4.7%, substantially above the first quarter's 2.0% rate. Anticipating a slowdown in personal consumption expenditures, residential constructions, and federal government spending, economists responding to September's Blue Chip survey see the economy expanding 2.5% in the third quarter and 2.2% in the final quarter of this year.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-10, pp. 09-10, 10.01.1996.