Gross domestic product (GDP) increased at a 5.8% annual rate in 1999:IVQ, according to the advance (first) estimate, released late in January. Most analysts were surprised at the strength of this measure of domestic real output, although many had raised their forecasts ahead of the release. Also, the back-to-back 5.7% and 5.8% growth rates of the past two quarters intensified the anxiety of those who suspect that, in this unprecedented ninth year of continuous economic expansion, the U.S. economy might soon be pushing the unknown limits of noninflationary output growth.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-02, pp. 09-10, 02.01.2000.