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Q2 GDP Growth Revised Up to minus 0.6% Annual Rate

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by Calculated Risk on 8/25/2022 08:41:00 AM

From the BEA: Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary), Second Quarter 2022

Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the decrease in real GDP was 0.9 percent. The update primarily reflects upward revisions to consumer spending and private inventory investment that were partly offset by a downward revision to residential fixed investment

Real gross domestic income (GDI) increased 1.4 percent in the second quarter, compared with an increase of 1.8 percent in the first quarter. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 0.4 percent in the second quarter, compared with an increase of 0.1 percent in the first quarter.
emphasis added

Here is a Comparison of Second and Advance Estimates. PCE growth was revised up from 1.0% to 1.5%. Residential investment was revised down from -14.0% to -16.2%.

Weekly Initial Unemployment Claims decrease to 243,000

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