Thursday, September 26, 2019

Q2 GDP Third Estimate: 2.0% Annual Rate

by Calculated Risk on 9/26/2019 08:34:00 AM

From the BEA: Gross Domestic Product, Second Quarter 2019 (Second Estimate); Corporate Profits, Second Quarter 2019 (Preliminary Estimate)

Real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the second quarter of 2019, according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.1 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 also 2.0 percent. Downward revisions to personal consumption expenditures (PCE) and nonresidential fixed investment were primarily offset by upward revisions to state and local government spending and exports. Imports, which are a subtraction in the calculation of GDP, were revised down
emphasis added
PCE growth was revised down from 4.7% to 4.6%. Residential investment was revised down from -2.9% to -3.0%. This was at the consensus forecast.

Here is a Comparison of Third and Second Estimates.