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<\/a><\/p>\nThe GDP estimate released today 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 also 3.0 percent. The update primarily reflected upward revisions to private inventory investment and federal government spending that were offset by downward revisions to nonresidential fixed investment and exports (refer to “Updates to GDP”). Imports, which are a subtraction in the calculation of GDP, were revised up.<\/p>\n
The increase in\u00a0real GDP\u00a0primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment. Imports increased (table 2).<\/p>\n Compared to the first quarter, the acceleration in\u00a0real GDP\u00a0in the second quarterly primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.<\/p>\n Current\u2011dollar GDP\u00a0increased 5.6 percent at an annual rate, or $392.6 billion, in the second quarter to a level of $29.02 trillion, a $9.5 billion larger increase than the previous estimate (tables 1 and 3). More information on the source data that underlie the estimates is available in the “Key Source Data and Assumptions<\/a>” file on BEA\u2019s website.<\/p>\n The\u00a0price index for gross domestic purchases\u00a0increased 2.4 percent in the second quarter, the same as the previous estimate (table 4).\u00a0The personal consumption expenditures (PCE) price index\u00a0increased 2.5 percent, the same as the previous estimate. Excluding food and energy prices, the PCE price index increased 2.8 percent, also the same as the previous estimate.<\/p>\n Personal Income<\/p>\n Current-dollar personal income\u00a0increased $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate. The increase primarily reflected increases in compensation and personal current transfer receipts (table 8).<\/p>\n Disposable personal income\u00a0increased $260.4 billion, or 5.0 percent, in the second quarter, an upward revision of $77.3 billion from the previous estimate.\u00a0Real disposable personal income\u00a0increased 2.4 percent, an upward revision of 1.4 percentage points.<\/p>\n Personal saving\u00a0was $1.13 trillion in the second quarter, an upward revision of $74.3 billion from the previous estimate. The\u00a0personal saving rate\u2014personal saving as a percentage of disposable personal income\u2014was 5.2 percent in the second quarter, compared with 5.4 percent (revised) in the first quarter.<\/p>\n Gross Domestic Income and Corporate Profits<\/p>\n Real gross domestic income\u00a0(GDI) increased 3.4 percent in the second quarter, an upward revision of 2.1 percentage points from the previous estimate. The\u00a0average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.2 percent in the second quarter, an upward revision of 1.1 percentage points from the previous estimate (table 1).<\/p>\n Profits from current production\u00a0(corporate profits with inventory valuation and capital consumption adjustments) increased $132.5 billion in the second quarter, an upward revision of $74.9 billion from the previous estimate (table 10).<\/p>\n Profits of domestic financial corporations\u00a0increased $42.5 billion in the second quarter, a downward revision of $4.0 billion from the previous estimate.\u00a0Profits of domestic nonfinancial corporations\u00a0increased $108.8 billion, an upward revision of $79.6 billion.\u00a0Rest-of-the-world profits\u00a0decreased $18.8 billion, a downward revision of $0.7 billion. In the second quarter, receipts increased $4.4 billion, and payments increased $23.1 billion.<\/p>\n Updates to GDP<\/p>\n With the third estimate, upward revisions to private inventory investment and federal government spending were offset by downward revisions to nonresidential fixed investment, exports, consumer spending, and residential fixed investment. Imports were revised up. For more information, refer to the\u00a0Technical Note<\/a>. For information on updates to GDP, refer to the “Additional Information” section that follows.<\/p>\n<\/a><\/p>\n