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The Economy in Perspective

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First impression, second thoughts … Among connoisseurs of official economic statistics, the Commerce Department’s recent revision to the national income and product data for the last few years has already caused quite a hubbub. The Department releases its revised estimates of these data annually, incorporating fresh source data and new methodologies. The revision for 1998–2000 indicates that the U.S. economy grew less rapidly than it seemed to do on first report, investment spending in the high-tech sector was less buoyant, and corporate profits were less plentiful. Current information indicates that for 1988–2000, real GDP expanded about 0.3% per year less quickly than we thought, with 1998 now appearing stronger and the two subsequent years weaker.

Suggested citation: "The Economy in Perspective," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-08, pp. 01, 08.01.2001.

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