Final Q2 GDP 4.6%, says Bureau of Economic Analysis [Best in two years]

Hotair ^ | 09/26/2014 | Ed Morrissey

[SeekAndFind]

The previous estimates of economic growth in the second quarter turned out to be a shade too modest. The final estimate of second-quarter growth from the Bureau of Economic Analysis puts the annualized GDP increase at 4.6%, the best quarter in more than two years, and a sharp rebound from Q1′s -2.1%:

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 4.6 percent in the second quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 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 4.2 percent. With the third estimate for the second quarter, the general picture of economic growth remains the same; increases in nonresidential fixed investment and in exports were larger than previously estimated (for more information, see “Revisions” on page 3).

The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), exports, private inventory investment, nonresidential fixed investment, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

Real GDP increased 4.6 percent in the second quarter, after decreasing 2.1 percent in the first. This upturn in the percent change in real GDP primarily reflected upturns in exports and in private inventory investment, accelerations in nonresidential fixed investment and in PCE, and upturns in state and local government spending and in residential fixed investment that were partly offset by an acceleration in imports.

[SoFloFreeper]

Final Q2 GDP 4.6%, says Bureau of Economic Analysis [Best in two years]

[Pollster1]

I trust those convenient numbers as much as I trust everything that comes out of FedGov these days. Not at all, not when they need an October Surprise for the midterm elections. This is just round 1 of their election lies.

[Tandem]

4.6% for 2Q is much less significant, when you average it against the -2% in the 1Q. We’re bumping along at 1% - 1.5%, with 2Q simply catching up from the impact of the difficult winter in most places.

[4Speed]

I can hardly WAIT FOR THE REVISED DOWNWARD report.......AFTER THE ELECTION next Quarter.

[ChildOfThe60s]

[Joe Boucher]

obammy’s gubmint,
like obammy
are Liars.

[RckyRaCoCo]

Must be election time.

[jmaroneps37]

“Raise you hand if you believe this report. Okay move along nothing to see here.”

[DestroyLiberalism]

Wow!! I wasn’t sure how to vote next Tuesday but I’m SO GLAD this incredible GDP report came out just in the nick of time!! I mean, there’s absolutely NO WAY our federal government would EVER cook the books and lie about Obamanomics working like gangbusters right before an election! Why, that settles it then... I’m voting for a straight Democrat ticket next Tuesday!! :-D

</sarc off>