The GDP estimate released on September 29 is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 1.0 percent.
The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, personal consumption expenditures (PCE), exports, and federal government spending that were partly offset by negative contributions from state and local government spending and private inventory investment. Imports, which are a subtraction in the calculation of GDP,
The acceleration in real GDP in the second quarter primarily reflected a deceleration in imports, an upturn in federal government spending, and an acceleration in nonresidential fixed investment that were partly offset by a deceleration in PCE, a downturn in private inventory investment, and a deceleration in exports.
Real federal government consumption expenditures and gross investment increased 1.9 percent in the second quarter, in contrast to a decrease of 9.4 percent in the first, the report said. U.S. corporate profits from current production increased 61.2 billion dollars in the second quarter, compared with an increase of 19 billion dollars in the first.