The U.S. economy grew much faster in the first quarter than most analysts anticipated. According to the Commerce Department’s advance estimates, real GDP rose an annualized 4.2%, primarily because of increased residential investment, solid spending on business equipment, and continued growth in consumer spending. Most economists participating in the April 10 Blue Chip survey were anticipating growth of about 3.0%.
Suggested citation: “Economic Activity,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-05, pp. 10-11, 05.01.1998.