Real GDP: Trend and Cycles
History is the standard (a tenuous one at best) by which we often measure current macroeconomic performance. According to the Commerce Department's recently released output indexes, long-term growth in the U.S slowed from an average annual rate of 4.2% between 1950 and 1973 to 2.5% between 1974 and 1996. Growth in our standard of living, measured in terms of real per capita personal consumption expenditures, also decelerate, from 2.6% per year to 1.9% over the same time frames.
Suggested citation: “Real GDP: Trend and Cycles,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-07, pp. 05, 07.01.1997.