The advance estimate for the national income and product accounts, released July 27, reported that gross domestic product grew at a meager annualized rate of 0.7% during 2001:IIQ. This growth was slightly weaker than expected; the Blue Chip forecast for the quarter was 0.9% growth. The major factor in the second- quarter slowdown was business fixed investment, which fell 13.6% (annualized) from 2001:IQ and 1.7% from 2000:IIQ.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-08, pp. 10-11, 08.01.2001.