The preliminary estimate of GDP growth for 2000:IIQ, at 5.3% (annualized), is 0.1 percentage point higher than the advance estimate, according to the August release. The increase reflects upward revisions to inventory investment and exports, offsetting an upward revision to imports and downward revisions to consumer spending (especially durable goods) and nonresidential fixed investment. Residential investment remained unchanged. These revisions hint that economic growth may be tapering off; Blue Chip forecasters are predicting a quick decline to about 3%.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 00-09, pp. 09-10, 09.01.2000.