In early January, the Blue Chip consensus forecast of GDP for 1998:IVQ was a solid annualized growth rate of 3.1%. The advance estimate, released soon after, more than exceeded that expectation with a remarkably strong 5.6% growth rate, which may be one reason for February’s upward revision in the Blue Chip consensus forecasts of GDP for every quarter of 1999.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 99-03, pp. 09-10, 03.01.1999.