2015-08-09 18:30:00
USA GDP UP 2.3%
Real gross domestic product -- the value of the production of goods and services in the United States, adjusted for price changes -- increased at an annual rate of 2.3 percent in the second quarter of 2015, according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 percent (revised).
The increase in real GDP in the second quarter reflected positive contributions from personal consumption expenditures (PCE), exports, state and local government spending, and residential fixed investment that were partly offset by negative contributions from federal government spending, private inventory investment, and nonresidential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the second quarter reflected an upturn in exports, an acceleration in PCE, a deceleration in imports, and an upturn in state and local government spending that were partly offset by downturns in private inventory investment, in nonresidential fixed investment, and in federal government spending and a deceleration in residential fixed investment.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.4 percent in the second quarter, in contrast to a decrease of 1.6 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent, compared with an increase of 0.2 percent.
Real personal consumption expenditures increased 2.9 percent in the second quarter, compared with an increase of 1.8 percent in the first. Durable goods increased 7.3 percent, compared with an increase of 2.0 percent. Nondurable goods increased 3.6 percent, compared with an increase of 0.7 percent. Services increased 2.1 percent, the same increase as in the first quarter.
Real nonresidential fixed investment decreased 0.6 percent in the second quarter, in contrast to an increase of 1.6 percent in the first. Investment in nonresidential structures decreased 1.6 percent, compared with a decrease of 7.4 percent. Investment in equipment decreased 4.1 percent, in contrast to an increase of 2.3 percent. Investment in intellectual property products increased 5.5 percent, compared with an increase of 7.4 percent. Real residential fixed investment increased 6.6 percent, compared with an increase of 10.1 percent.
Real exports of goods and services increased 5.3 percent in the second quarter, in contrast to a decrease of 6.0 percent in the first. Real imports of goods and services increased 3.5 percent, compared with an increase of 7.1 percent.
Real federal government consumption expenditures and gross investment decreased 1.1 percent in the second quarter, in contrast to an increase of 1.1 percent in the first. National defense decreased 1.5 percent, in contrast to an increase of 1.0 percent. Nondefense decreased 0.5 percent, in contrast to an increase of 1.2 percent. Real state and local government consumption expenditures and gross investment increased 2.0 percent, in contrast to a decrease of 0.8 percent.
The change in real private inventories subtracted 0.08 percentage point from the second-quarter change in real GDP after adding 0.87 percentage point to the first-quarter change. Private businesses increased inventories $110.0 billion in the second quarter, following increases of $112.8 billion in the first quarter and $78.2 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.4 percent in the second quarter, in contrast to a decrease of 0.2 percent in the first.
Gross domestic purchases Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 2.1 percent in the second quarter, compared with an increase of 2.5 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $145.0 billion in the second quarter, compared with an increase of $118.9 billion in the first. The acceleration in personal income primarily reflected upturns in personal interest income and in farm proprietors' income that were partly offset by decelerations in government social benefits and in personal dividend income.
Personal current taxes increased $26.3 billion in the second quarter, compared with an increase of $60.2 billion in the first.
Disposable personal income increased $118.6 billion, or 3.7 percent, in the second quarter, compared with an increase of $58.7 billion, or 1.8 percent, in the first. Real disposable personal income increased 1.5 percent, compared with an increase of 3.8 percent.
Personal outlays increased $161.9 billion in the second quarter, in contrast to a decrease of $10.3 billion in the first.
Personal saving -- disposable personal income less personal outlays -- was $640.1 billion in the second quarter, compared with $683.3 billion in the first.
The personal saving rate -- personal saving as a percentage of disposable personal income -- was 4.8 percent in the second quarter, compared with 5.2 percent in the first.
Current-dollar GDP
Current-dollar GDP -- the market value of the production of goods and services in the United States -- increased 4.4 percent, or $191.2 billion, in the second quarter to a level of $17,840.5 billion. In the first quarter, current-dollar GDP increased 0.8 percent, or $33.3 billion.
bea.gov
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