The final estimate of 1999:IIIQ growth in gross domestic product, released in December, was 5.7%. This was stronger than November’s 5.5% preliminary estimate, which itself exceeded October’s 4.8% advance estimate. The small (0.2 percentage point) upward revision reflected slightly higher estimates of inventory accumulation and personal consumption expenditures on services, offset by slightly lower estimates of private fixed investment in equipment and software. The overall shape of the U.S. economy’s eight-year-long expansion remained unchanged, as the mutually offsetting second-quarter slowdown and third-quarter speedup in inventory accumulation maintained the economy’s above-average growth rate. Forecasters, however, predict slower growth in 2000.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-01, pp. 09-10, 01.01.2000.