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Real gross domestic product for the U.S. increased at an annual rate of 3 percent in the second quarter, according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent.
Real GDP increased 2.9 percent in the second quarter compared with an increase of 2.7 percent in the first. The increase reflected positive contributions from PCE, nonresidential fixed investment, exports, federal government spending and private inventory investment that were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP in the second quarter primarily reflected upturns in private inventory investment and federal government spending and an acceleration in PCE that were partly offset by downturns in residential fixed investment and state and local government spending and a deceleration in exports.
Current-dollar GDP increased 4 percent, or $189.0 billion, in the second quarter to a level of $19,246.7 billion. In the first quarter, current-dollar GDP increased 3.3 percent, or $152.2 billion.