Via Econompicdata whose charts sum it all up so well:
Bloomberg details:
Growth in the U.S. slowed to a 2.4 percent annual rate in the second quarter, less than forecast, reflecting a larger trade deficit and cooler consumer spending.
The increase in gross domestic product compared with a median forecast of 2.6 percent of economists surveyed by Bloomberg News and follows an upwardly revised 3.7 percent pace in the first quarter that showed a jump in inventories, according to figures from the Commerce Department today in Washington. Business investment climbed at the fastest rate since 1997.
Changes to Q1 were extremely broad since the numbers went "final" a month back, GDP jumped a full point from 3.7% to 2.7% due to a large jump in non-residential investment and a huge spike in inventory build (the question is who will be buying) offset by a rather large drop in service consumption.
Past quarters have been revised down. Per Calculated Risk:
The recession was worse in 2008 than originally estimated.Q1 2010 was revised up, but Q3 and Q4 2009 were revised down. So the recovery is a little weaker than originally estimated.
Related posts:
- US GDP REVISIONS MEAN FASTER CONSUMER DELEVERAGING AND LOW INFLATION
- US AUGUST AUTO SALES LOOK VERY WEAK
- Revived Auto Sector Fuels Factory Output
- ECRI UPDATE
- DURABLE GOODS ORDERS STAY STRONG
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