The economy continues to show signs of vigor. Advance estimates from the Commerce Department indicate that real GDP grew at an annualized rate of 3.5% in 1997:IIIQ, following an increase of 3.3% in the previous quarter. For the four quarters just ended, GDP was up an average of 4.0%—the best showing since 1984. Strong increases in business fixed investment and consumer spending, especially on durable goods, outweighed declines in net exports and inventory investment.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-11, pp. 10-11, 11.01.1997.