by Bill McBride on 8/29/2012 08:47:00 AM
Wednesday, August 29, 2012
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.7 percent in the second quarter of 2012 (that is, from the first quarter to the second quarter), according to the "second" estimate released by the Bureau of Economic Analysis.The main revisions were:
PCE was revised up from 1.5% to 1.7% (services were revised up).
Investment was revised down (the contribution to GDP from Change in private inventories was revised from +0.32 percentage points to -0.23 in the second release).
Imports are revised down. PCE prices increased at only 0.7% annualized (same as advance release), and core PCE prices increased at a 1.7% annual rate. Overall these changes are minor and were at expectations. This is still sluggish growth.
Posted by Bill McBride on 8/29/2012 08:47:00 AM