According to the U.S. Commerce Department’s advance estimate, the annualized growth rate of real GDP in 2004:IIIQ was 3.7%. This was 0.4 percentage point (pp) higher than the second-quarter growth rate of 3.3%, and only 0.1 pp lower than the Blue Chip forecast of 3.8% for the third quarter. Growth was supported by a rebound in consumption spending and continued strength in business spending on equipment and software.
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-11, pp. 10-11, 11.01.2004.