As expected, the pace of economic activity slowed in 1997:IIQ. Preliminary estimates show that the economy grew 2.2% in the second quarter (down from a revised 4.9% the previous quarter). Second-quarter growth was led by investment in producers' durable equipment, exports, and federal government spending. Offsetting these effects was a decline in consumer spending for motor vehicles and parts and an increase in imports. Over the four quarters ended in 1997:IIQ, the economy grew at a strong 3.1% clip.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-08, pp. 09-10, 08.01.1997.