by Bill McBride on 5/27/2016 08:33:00 AM
Friday, May 27, 2016
Real gross domestic product -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production, adjusted for price changes -- increased at an annual rate of 0.8 percent in the first quarter of 2016, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 1.4 percent.Here is a Comparison of Second and Advance Estimates. PCE growth was unrevised at 1.9%. Residential investment was revised up from 14.8% to 17.1%. This was close to the consensus forecast.
The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 0.5 percent. With the second estimate for the first quarter, the decrease in private inventory investment was smaller than previously estimated ...
Posted by Bill McBride on 5/27/2016 08:33:00 AM