Q2 GDP Revision Shows Economy Grew at +1.7% Rate

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Economic Update: U.S. GDP

The government’s first revision to the nation’s GDP for the second quarter of 2012 shows the economy’s growth rate slowed to +1.7% during the April-June period.

This was above the first estimate of +1.5% but in line with Wall Street expectations for a growth rate of +1.7%. In addition, the current rate was below the first quarter’s growth rate of +2.0%.

For reference purposes:

• Q4 2011: +3.0%
  
• Q3: +1.8%
  
• Q2: +1.3%
  
• Q1: +0.4%
  
• Q4 2010: +3.1%
  
• Q3 +2.6%
  
• Q2: +1.7%
  
• Q1 2010: +3.7%.

On the inflation front, the Price Deflator came in at +1.6% which was in line with the expectations and below Q1’s rate of +2.2%.

Looking at consumption, Personal Consumption was reported at +1.7%, which was above the first look for Q2 but well below last quarter’s +2.4% rate.

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Other stories on the US Economy to review:

• Orders for Durable Goods Up Again in July
  
• Flash Manufacturing PMI Improves Slightly in August
  
• Existing Home Sales Rebound in July
  
• LEI Above Expectations in July
  
• Philly Fed Index Upticks but is below Zero Again
  
• Housing Starts Down and Building Permits Up in July
  
• Industrial Production, Capacity Utilization Up in July
  
• Empire Manufacturing Dives in August
  
• CPI Remained Flat in July
  
• Retail Sales Rebound in July
  
• PPI Hotter Than Expected in July
  
• NFIB Small Business Optimism Sags
  
• Wholesale Inventories Decline - And Yes, you should Care
  
• Q2 Worker Productivity and Labor Costs Rise
  
• ISM Services Perks Up
  
• Job Growth Improves in July
  
• Factory Orders Miss Mark in June
  
• Challenger Planned Job Cuts Drop in July
  
• ISM Manufacturing Still Sub-50 in July
  
• ADP Employment Report Surprises to Upside in July
  
• Consumer Confidence Perks Up in July, But...
  
• Chicago PMI Headline BTE, But Employment Dives
  
• Personal Income Up, Spending Flat in June
  
• Pending Home Sales Down in June

 

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