The Commerce Department lowered its estimate of real GDP growth from 3.5% to 3.3% in 1997:IIIQ. Downward revisions to exports, business inventories, and spending on nonresidential structures more than offset further gains in producers’ durable equipment and personal spending on durable goods.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-12, pp. 10-11, 12.01.1997.