Second-Quarter GDP Preliminary Revision: Onward and Upward?
Real GDP advanced at an annualized rate of 3.3 percent in the second quarter, outpacing its growth over the past four quarters, according to the preliminary release from the BEA. This is an upward revision of 1.4 percentage points from the advance estimate, and an extremely large revision when compared to the average advance–to–preliminary revision over the past 20 years of 0.5 percentage point (this is the absolute average - the average without regard to sign). If this estimate holds, the economy will have grown in the second quarter at a rate in excess of its average over the past 20 years (not bad for a quarter that, not too long ago, was expected to post near–zero growth).
(billions of 2000$)
|Annualized percent change, last:|
|Business fixed investment||7.9||2.2||4.2|
Source: Bureau of Economic Analysis.