As of January 10, the Blue Chip consensus forecast was a solid growth rate of 3.1% in 1998:IVQ. However, advance estimates released at the end of January indicate that GDP grew at a 5.6% annual rate, far above Blue Chip analysts’ expectations. The 5.6% advance estimate is remarkably strong, amounting to double the U.S. economy’s 30-year average growth rate.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-02, pp. 09-10, 02.01.1999.