The Business Cycle, Investment, and a Wayward M2: A Midyear Review
Following a string of small advances that began early last year, the pace of economic expansion, as measured by gross domestic product (GDP), picked up in the first quarter. Led by a huge $43.1 billion increase in consumer spending, the annualized 2.4 percent GDP growth in 1992:IQ was the strongest rise in overall economic activity in three years and came despite another large liquidation of business inventories (down $17.6 billion).
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