(PCE) Aug 27: GDP Rises 1.6% – Economic Highlights

August 27th, 2010
GDP Preliminary Q2 Estimates show GDP increased by 1.6%, higher than the expected 1.3% increase, following a 2.4% estimated increase in the advance Q2 estimate (today’s preliminary release is based on a more complete set of data), after increasing by 3.7% in the first quarter of 2010 and 5.6% in the fourth quarter of 2009. The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), federal government spending, private inventory investment, residential fixed investment and exports. Imports, which are a subtraction in the calculation of GDP Incorporatedreased. The deceleration in real GDP in the second quarter primarily reflected a sharp acceleration in imports and a sharp deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local government spending, and an acceleration in federal government spending.

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