Thursday, September 29, 2016

Q2 GDP Revised Up to 1.4% Annual Rate

by Bill McBride on 9/29/2016 08:34:00 AM

From the BEA: Gross Domestic Product: Second Quarter 2016 (Third Estimate)

Real gross domestic product increased at an annual rate of 1.4 percent in the second quarter of 2016 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.8 percent.

The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.1 percent. With the third estimate for the second quarter, the general picture of economic growth remains the same. The most notable change from the second to third estimate is that nonresidential fixed investment increased in the second quarter; in the previous estimate, nonresidential fixed investment decreased ...
emphasis added
Here is a Comparison of Second and Advance Estimates. PCE growth was revised down from 4.4% to 4.3%. (Solid PCE).  Non-Residential investment was revised up from -0.9% to +1.0%. This was close to the consensus forecast.