GDP up in Q2(Read article summary)
The economy continued to expand in Q2 with real GDP increasing at a tepid annualized rate of 1.3% from Q1 2012, according to the Bureau of Economic Analysis.
Today, the¬†Bureau of Economic Analysis¬†(BEA) released their third¬†"estimate" of the Q2 2012 GDP reportshowing that the economy continued to expand with real GDP increasing at a tepid annualized rate of 1.3% from Q1 2012.¬†
On a year-over-year basis real GDP increased 2.14% while the quarter-to-quarter non-annualized percent change was 0.31%.
The latest quarterly results indicate that the most notable source of weakness in the economy came from durable goods spending which declined at a rate of 0.2% from Q1 2012 while government spending declined across the board.¬†
Other categories such as residential structures also saw notable slowing from the prior quarter registering a still respectable rate of 8.5% while non-residential fixed structures expand by just 0.6%.¬†¬†
Keep in mind that these results are likely very poorly estimated and are sure to be revised notably in following quarters and even years to come.