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Bureau of Economic Analysis – Real GDP up 1.5% in 2nd Quarter

According to the Friday, July 27th, 8:30 A.M. release by the Bureau of Economic Analysis, Real GDP was up 1.5% in the 2nd Quarter of 2012.

The Bureau reported that real gross domestic product, the output of goods and services produced by labor and property located in the United States, increased at an annual rate of 1.5% in the second quarter 2012.    In the first quarter, real GDP increased 2.0%.

Real Gross domestic purchases, purchases by U.S. residents of goods and services wherever produced, increased 1.8% in the 2nd Quarter, the same as the 1st Quarter.

The increase in real GDP in the 2nd Quarter was reflected primarily by positive contributions from PCE, Personal consumption Expenditures, exports, non residential fixed investment, private inventory investment which were partially offset by a negative contribution from state and local government spending.   The bureau further reported that imports, which are a subtraction in the calculation of GDP, had increased.