GDP revision

2nd Quarter GDP Up 4.1% Despite Largest Inventory Contraction Since 2009

The Advance Estimate of 2nd Quarter GDP from the Bureau of Economic Analysis released on Friday included changes in definitions, in classifications, and in the presentation of the components of GDP, as well as an annual and a comprehensive (or benchmark) revision of the national income and product accounts going back to 1929, ie, from the beginning of that measure of our economic history.

4th Quarter GDP Revised to Show Growth at a 2.1% Rate

The Third Estimate of our 4th Quarter GDP from the Bureau of Economic Analysis indicated that our real output of goods and services grew at a 2.1% rate in the 4th quarter, revised from the 1.9% growth rate indicated by the second estimate, as personal consumption expenditures and inventory investment were greater than was previously estimated, while losses from trade were worse than was previously estimated.

4th Quarter GDP Growth Remains at a 1.9% Rate

The Second Estimate of our 4th Quarter GDP from the Bureau of Economic Analysis indicated that our real output of goods and services grew at a 1.9% rate in the 4th quarter, unrevised from the advance estimate reported last month, as personal consumption expenditures were greater than initially estimated, but both private and state and local investment grew less than was first estimated.

3rd Quarter GDP Revised to Indicate Growth at a 3.5% Rate

The Third Estimate of our 3rd Quarter GDP from the Bureau of Economic Analysis indicated that our real output of goods and services increased at a 3.5% annual rate, revised from the 3.2% growth rate reported in the second estimate last month, as personal consumption growth was revised higher, state and local government shrunk less than was previously estimated, and private non-residential fixed investment increased, rather than decreased.

1st Quarter GDP Revised to Show Growth at a 0.8% Rate

The Second Estimate of our 1st Quarter GDP from the Bureau of Economic Analysis indicated that our real output of goods and services grew at a 0.8% rate in the 1st quarter, revised up from the 0.5% growth rate reported in the advance estimate last month, as residential investment was revised higher, growth in private inventory investment decreased less than was previously estimated, and exports were down less than had previously been reported.