Real gross domestic product – the output of goods and services produced by labor and property located in the U.S. – increased at an annual rate of 1.3 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the third estimate released by the Bureau of Economic Analysis.
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Profits from current production (corporate profits with inventory valuation and capital consumption adjustments) increased $61.2 billion in the second quarter, compared with an increase of $19 billion in the first quarter.
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, increased.
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