Posted on 09/15/2009 11:46:17 AM PDT by RC one
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the second quarter of 2009, (that is, from the first quarter to the second quarter), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 6.4 percent.
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 decrease in real GDP was also 1.0 percent (see "Revisions" on page 3).
The decrease in real GDP in the second quarter primarily reflected negative contributions from private inventory investment, nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment, and exports that were partly offset by positive contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.
The much smaller decrease in real GDP in the second quarter than in the first primarily reflected much smaller decreases in nonresidential fixed investment and in exports, an upturn in federal government spending, smaller decreases in private inventory investment and residential fixed investment, and an upturn in state and local government spending that were partly offset by a much smaller decrease in imports and a downturn in PCE.
(Excerpt) Read more at bea.gov ...
The Obama recovery continues.
But, but, but I thought the recession was over? The folks at Newsweek told me so
YAY! Things are getting worse, but more slowly!
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