US second quarter GDP increased by 1.5% annualised27 July, 2012, 20:36. Posted by Zarathustra
The advance estimate of US second quarter GDP shows that the economic growth slow, but slightly better than consensus estimate.
The annualised growth for the second quarter has slowed to 1.5%. The consensus is looking for a 1.4% annualised growth. The first quarter GDP was revised slightly upward to 2.0% from 1.9%, while the four quarter 2011 GDP growth was revised upward to a stunning rate of 4.1% from 3.0%.
Personal Consumption Expenditure (PCE) rose by 1.5% annualised, above consensus estimate of 1.3%. The previous quarter’s PCE is revised downward slightly to 2.4%. Gross private investment increased by 8.5% annualised, a pretty strong number. Government consumption and investment continues to be a drag to the GDP, falling by 1.4% in the second quarter, while exports and imports increased by 5.3% and 6.0% respectively.
GDP price index is up 1.6% in the second quarter, down from 2.0% in the first quarter. PCE price index rose by 0.7%, and core PCE price index (i.e. excluding food and energy) was up by 1.8%, down from 2.2% in the first quarter.
The chart below shows the real annualised GDP growth.