According to the preliminary estimate for 2004:IIIQ, real GDP rose at an annual rate of 3.9%, up from the advance estimate of 3.7%. The upward revision was primarily a reflection of downward revision to imports of 1.7 percentage points (pp) and upward revisions of 0.8 pp to personal consumption expenditures for nondurable goods and 2.3 pp to equipment and software. These were partly offset by a downward revision to private nonfarm inventory investment (1.3 pp).
Suggested citation: "Economic Activity," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-12, pp. 10-11, 12.01.2004.