Bailout

Q2: real annualized GDP growth slows to 2.4%

By Anonymous

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 2.4 percent in the second quarter of 2010, (that is, from the first quarter to the second quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 3.7 percent.

"The change in real private inventories added 1.05 percentage points to the second-quarter changein real GDP after adding 2.64 percentage points to the first-quarter change."

That is probably the end of the inventory adjustment.

And here is a summary of the revisions:

Quarter	GDP	GDP Revised	Change
2007-I	1.2%	0.9%	-0.3%
2007-II	3.2%	3.2%	0.0%
2007-III	3.6%	2.3%	-1.3%
2007-IV	2.1%	2.9%	0.8%
2008-I	-0.7%	-0.7%	0.0%
2008-II	1.5%	0.6%	-0.9%
2008-III	-2.7%	-4.0%	-1.3%
2008-IV	-5.4%	-6.8%	-1.4%
2009-I	-6.4%	-4.9%	1.5%
2009-II	-0.7%	-0.7%	0.0%
2009-III	2.2%	1.6%	-0.6%
2009-IV	5.6%	5.0%	-0.6%
2010-I	2.7%	3.7%	1.0%
2010-II		2.4%

The recession was worse in 2008 than originally estimated.

Q1 2010 was revised up, but Q3 and Q4 2009 were revised down. So the recovery is a little weaker than originally estimated.

I'll have some graphs soon.

Full post as published by Calculated Risk on July 30, 2010 (boomark / email).

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