Revised Commerce Department estimates indicate that real GDP grew 2.1% in 1996:IIIQ, down from an atypically high 4.7% in the previous quarter. Advances in producers' durable equipment (mainly computers) and inventory accumulation more than accounted for the third-quarter increase. Economists participating in December's Blue Chip survey expect continued economic growth of approximately 2.0% throughout 1997. Although lower than the historical norm, this figure is consistent with the current estimates.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-01, pp. 09-10, 01.01.1997.