The economy shot up 5.9% in the first quarter, according to the Commerce Department's final appraisal. The slight uptick from the previous estimate resulted from weaker-than-expected growth in imports. The exceptional first-quarter performance - the best in nine years - reflected advances in personal consumption, inventory accumulation, exports and producers' durable equipment.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-07, pp. 10-11, 07.01.1997.