The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THURSDAY, September 26, 2013 GDP GROWTH ACCELERATES IN SECOND QUARTER Growth rate unrevised from previous estimate Real gross domestic product (GDP) increased 2.5 percent in the second quarter of 2013 after increasing 1.1 percent in the first quarter, according to the “third” estimate released by the Bureau of Economic Analysis. The secondquarter growth rate was the same as the “second” estimate released in August. Quarter-to-Quarter Growth in Real GDP 6 4 Percent GDP growth highlights The second-quarter acceleration reflected upturns in business investment, mainly in power and communications structures, and in goods exports, mainly in nonautomotive capital goods and in nonautomotive consumer goods. In contrast, imports picked up, farm inventory investment slowed, and consumer spending decelerated, mainly nondurable goods and services. 2 0 -2 Revisions III IV I II III IV I II III IV I II III IV I II The second-quarter GDP growth rate reflected 2009 2010 2011 2012 2013 offsetting revisions. Inventory investment was Real GDP growth is measured at seasonally adjusted annual rates revised down, notably retail trade outlets (mainly food and beverage stores) and “other” industries (mainly information industries). Exports of goods and services were also revised down. In contrast, state and local government spending was revised up, notably gross investment in structures. Disposable personal income and personal saving Real disposable personal income—personal income adjusted for taxes and inflation—rose 3.5 percent after falling 7.9 percent in the first quarter. (The steep first-quarter decline reflected one-time accelerated dividend and wage payments made in the fourth quarter of 2012). Personal saving as a percentage of disposable income was 4.5 percent in the second quarter, compared with 4.1 percent in the first quarter. Corporate profits BEA’s featured measure of corporate profits rebounded in the second quarter, increasing 3.3 percent after decreasing 1.3 percent in the first quarter. Quarter-to-Quarter Growth in Corporate Profits 20 15 10 Profits of nonfinancial corporations rose 3.2 percent after falling 0.3 percent. Profits of financial corporations increased 5.7 percent after decreasing 0.9 percent. Profits from the “rest of the world” rose 1.2 percent after falling 4.7 percent. Percent 5 0 -5 -10 Compared with the second quarter a year ago, corporate profits rose 4.5 percent. III IV 2009 I II III IV I 2010 II III 2011 IV I II III IV 2012 I II 2013 Corporate profits growth is measured as the percent change from the previous quarter. BEA data—including GDP, personal income, the balance of payments, foreign direct investment, the input-output accounts, and economic data for states, local areas, and industries—are available on the BEA Web site: www.bea.gov. E-mail alerts are also available. NOTE: The “advance” estimate of GDP for the third quarter will be released on October 30, 2013. Contact: Jeannine Aversa (202) 606-2649 Bureau of Economic Analysis, U.S. Department of Commerce
@FedFRASER