The number: +2.4% (Consumption was 1.6%, lighter than expected).
The full release is here. Markets are sliding further, with S&P futures down .8%.
From the BEA:
Real gross domestic product — the output of goods and services produced by labour and property
located in the United States — increased at an annual rate of 2.4 per cent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the “advance” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 per cent.
The Bureau emphasised that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page 3).The “second” estimate for the second quarter, based on more complete data, will be released on August 27, 2010.
One notable aspect of the number was a big upward revision to Q1 GDP — by a whole percentage point — and thus the dipin Q2 looks even more severe.
Here’s some more about what really moved the numbers:
The increase in real GDP in the second quarter primarily reflected positive contributions from
nonresidential fixed investment, exports, personal consumption expenditures, private inventory
investment, federal government spending, and residential fixed investment. Imports, which are a
The deceleration in real GDP in the second quarter primarily reflected an acceleration in imports
and a deceleration in private inventory investment that were partly offset by an upturn in residential
fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local
government spending, and an acceleration in federal government spending.
Lots more to come…
Background: Consensus, if you could call it that, is for somewhere around 2.7%, but there are credible predictions slightly below 2%. So it’s anyone’s guess. Perhaps the only “surprise” could be to the upside, given how negative most macro numbers are looking right now.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.