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Real GDP: Second-Quarter Advance Estimate and Benchmark Revisions

Brent Meyer

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Abstract

Real GDP increased at an annualized rate of 1.9 percent in the second quarter of 2008, according to the advance estimate released by the BEA, 0.1 percentage point higher than its growth over the last four quarters. Personal consumption, aided by the stimulus checks and driven mostly by consumption of nondurables, rose 1.5 percent during the quarter. Durable goods consumption fell 3.0 percent during the second quarter, slightly less than the 4.3 percent loss experienced in the first quarter. Business fixed investment posted its smallest quarterly gain since the fourth quarter of 2006, rising 2.3 percent. Even though residential investment fell 15.6 percent in the second quarter, this is much better than last quarter’s 25.0 percent loss.

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What this paper is about

Real GDP increased at an annualized rate of 1.9 percent in the second quarter of 2008, according to the advance estimate released by the BEA, 0.1 percentage point higher than its growth over the last four quarters. Personal consumption, aided by the stimulus checks and driven mostly by consumption of nondurables, rose 1.5 percent during the quarter. Durable goods consumption fell 3.0 percent during the second quarter, slightly less than the 4.3 percent loss experienced in the first quarter. Business fixed investment posted its smallest quarterly gain since the fourth quarter of 2006, rising 2.3 percent. Even though residential investment fell 15.6 percent in the second quarter, this is much better than last quarter’s 25.0 percent loss.

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Available abstract

Real GDP increased at an annualized rate of 1.9 percent in the second quarter of 2008, according to the advance estimate released by the BEA, 0.1 percentage point higher than its growth over the last four quarters. Personal consumption, aided by the stimulus checks and driven mostly by consumption of nondurables, rose 1.5 percent during the quarter. Durable goods consumption fell 3.0 percent during the second quarter, slightly less than the 4.3 percent loss experienced in the first quarter. Business fixed investment posted its smallest quarterly gain since the fourth quarter of 2006, rising 2.3 percent. Even though residential investment fell 15.6 percent in the second quarter, this is much better than last quarter’s 25.0 percent loss.

Key concepts: Quarter (Canadian coin), Percentage point, Economics, Consumption (sociology), Fell, Investment (military), Real gross domestic product, Personal consumption expenditures price index

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