Preliminary estimates show that the economy grew 5.8% in the first quarter, slightly faster than previously reported. Upward revisions to inventory accumulation and exports partially offset a small downward adjustment to consumer spending. The first quarter's overall strength reflects advances in personal consumption, inventory accumulation, exports, and producers' durable equipment.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-06, pp. 09-10, 06.01.1997.