GDP growth upwardly revised, economic profits downwardly revised

Real GDP was upwardly revised to 1.7% in the second quarter from a previously reported 1.6%. Real PCE was upwardly revised to 2.2% from 2.0% and the change in real inventories was revised up to $68.8 billion from a previously reported $63.2 billion.

Economic profits were downwardly revised to 3.0% (nonannualized) in the second quarter from 4.6% but have surged by 37.0% over the last year. The implied income estimate of real GDP was downwardly revised to 1.3% in the second quarter from 2.3%, putting this measure up 3.0% year-over-year.

The GDP deflator was unrevised at 2.0% in the second quarter, while nominal GDP was upwardly revised to 3.7% from 3.6%.

BOTTOM LINE

There is not much new information in this report as second-quarter real GDP was revised slightly higher on stronger consumer spending and a larger inventory build. The income and expenditure-based measures of GDP paint an identical picture of moderate growth over the last year.

Source RDQ

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