US Second-Quarter GDP Revised Upward to 6.6%

Source: Bureau of Economic Analysis

The economic growth of the United States for the second quarter was revised slightly upward, driven by changes in nonresidential fixed investment and exports.

• The second-quarter real gross domestic product growth was revised to 6.6% from the advance estimate of 6.5% issued last month.
• The revision takes into consideration increases in personal consumption expenditures, led by food services and accommodations and goods such as pharmaceutical products and clothing.
• Nonresidential fixed investment increased due to the growth in intellectual property products and transportation equipment.
• Increases were also seen in exports led by nonautomotive capital goods and travels, as well as state and local government spending.
• The increases were partly offset by declines in private inventory investment, residential fixed investment, and spending by the federal government.
• The current-dollar GDP was revised to 13.2% from 13.0%.