![\"\"](\"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2016\/04\/bea_logo.jpg\"){kind=logo}
<\/p>\nWashington, DC….Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the second quarter of 2017 (table 1), according to the “third” estimate released by the Bureau of Economic Analysis. In the
\nfirst quarter, real GDP increased 1.2 percent. The 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 3.0 percent. With this third estimate for the second quarter, private inventory investment increased more than previously estimated, but the general picture of economic growth remains the same. (see “Updates to
\nGDP” on page 2).<\/p>\n
<\/p>\n
Real GDP: Percent Change from Preceding Quarter<\/p>\n
Real gross domestic income (GDI) increased 2.9 percent in the second quarter, compared with an
\nincrease of 2.7 percent in the first. The average of real GDP and real GDI, a supplemental measure of
\nU.S. economic activity that equally weights GDP and GDI, increased 3.0 percent in the second quarter,
\ncompared with an increase of 2.0 percent in the first quarter (table 1).<\/p>\n
The increase in real GDP in the second quarter primarily reflected positive contributions from PCE,
\nnonresidential fixed investment, exports, federal government spending, and private inventory
\ninvestment that were partly offset by negative contributions from residential fixed investment and state
\nand local government spending. Imports, which are a subtraction in the calculation of GDP, increased
\n(table 2).<\/p>\n
The acceleration in real GDP in the second quarter reflected an upturn in private inventory investment,
\nan acceleration in PCE, a deceleration in imports, and an upturn in federal government spending that
\nwere partly offset by a downturn in residential fixed investment, a deceleration in exports, and a
\ndownturn in state and local government spending.<\/p>\n
Current-dollar GDP increased 4.1 percent, or $192.3 billion, in the second quarter to a level of $19,250.0
\nbillion. In the first quarter, current-dollar GDP increased 3.3 percent, or $152.2 billion (table 1 and table
\n3).<\/p>\n
The price index for gross domestic purchases increased 0.9 percent in the second quarter, compared
\nwith an increase of 2.6 percent in the first quarter (table 4). The PCE price index increased 0.3 percent,
\ncompared with an increase of 2.2 percent. Excluding food and energy prices, the PCE price index
\nincreased 0.9 percent, compared with an increase of 1.8 percent (appendix table A).<\/p>\n
Updates to GDP<\/p>\n
The revision to the percent change in real GDP primarily reflected an upward revision to private
\ninventory investment. For more information, see the Technical Note. For information on updates to
\nGDP, see the “Additional Information” section that follows.<\/p>\n
Advance Estimate Second Estimate Third Estimate
\n (Percent change from preceding quarter)<\/p>\n
Real GDP 2.6 3.0 3.1
\nCurrent-dollar GDP 3.6 4.0 4.1
\nReal GDI \u2026 2.9 2.9
\nAverage of Real GDP and Real GDI \u2026 3.0 3.0
\nGross domestic purchases price index 0.8 0.8 0.9
\nPCE price index 0.3 0.3 0.3<\/p>\n
Corporate Profits (table 12)<\/p>\n
Profits from current production (corporate profits with inventory valuation adjustment and capital
\nconsumption adjustment) increased $14.4 billion in the second quarter, in contrast to a decrease of
\n$46.2 billion in the first quarter.<\/p>\n
Profits of domestic financial corporations decreased $33.8 billion in the second quarter, compared with
\na decrease of $40.7 billion in the first. Profits of domestic nonfinancial corporations increased $59.1
\nbillion, compared with an increase of $3.8 billion. Rest-of-the-world profits decreased $10.8 billion,
\ncompared with a decrease of $9.3 billion. In the second quarter, receipts increased $5.5 billion, and
\npayments increased $16.3 billion.<\/p>\n
* * *<\/p>\n
Next release: October 27, 2017 at 8:30 A.M. EDT
\n Gross Domestic Product: Third Quarter 2017 (Advance Estimate)<\/p>\n
* * *<\/p>\n
Additional Information<\/p>\n
Resources<\/p>\n
Additional resources available at www.bea.gov:
\n\u2022\tStay informed about BEA developments by reading the BEA blog, signing up for BEA\u2019s email
\n subscription service, or following BEA on Twitter @BEA_News.
\n\u2022\tHistorical time series for these estimates can be accessed in BEA\u2019s Interactive Data Application.
\n\u2022\tAccess BEA data by registering for BEA\u2019s Data Application Programming Interface (API).
\n\u2022\tFor more on BEA\u2019s statistics, see our monthly online journal, the Survey of Current Business.
\n\u2022\tBEA’s news release schedule
\n\u2022\tNIPA Handbook: Concepts and Methods of the U.S. National Income and Product Accounts<\/p>\n
Definitions<\/p>\n
Gross domestic product (GDP) is the value of the goods and services produced by the nation\u2019s economy
\nless the value of the goods and services used up in production. GDP is also equal to the sum of personal
\nconsumption expenditures, gross private domestic investment, net exports of goods and services, and
\ngovernment consumption expenditures and gross investment.<\/p>\n
Gross domestic income (GDI) is the sum of incomes earned and costs incurred in the production of GDP.
\nIn national economic accounting, GDP and GDI are conceptually equal. In practice, GDP and GDI differ
\nbecause they are constructed using largely independent source data. Real GDI is calculated by deflating
\ngross domestic income using the GDP price index as the deflator, and is therefore conceptually
\nequivalent to real GDP.<\/p>\n
Current-dollar estimates are valued in the prices of the period when the transactions occurred\u2014that is,
\nat \u201cmarket value.\u201d Also referred to as \u201cnominal estimates\u201d or as \u201ccurrent-price estimates.\u201d
\nReal values are inflation-adjusted estimates\u2014that is, estimates that exclude the effects of price changes.
\nThe gross domestic purchases price index measures the prices of final goods and services purchased by
\nU.S. residents.<\/p>\n
The personal consumption expenditure price index measures the prices paid for the goods and services
\npurchased by, or on the behalf of, \u201cpersons.\u201d<\/p>\n
Profits from current production, referred to as corporate profits with inventory valuation adjustment
\n(IVA) and capital consumption adjustment (CCAdj) in the NIPAs, is a measure of the net income of
\ncorporations before deducting income taxes that is consistent with the value of goods and services
\nmeasured in GDP. The IVA and CCAdj are adjustments that convert inventory withdrawals and
\ndepreciation of fixed assets reported on a tax-return, historical-cost basis to the current-cost economic
\nmeasures used in the national income and product accounts. Profits for domestic industries reflect profits
\nfor all corporations located within the within the geographic borders of the United States. Rest-of-the-world
\nprofits are measured as profits earned abroad by U.S. corporations less profits earned in the United States
\nby foreign corporations.<\/p>\n
For more definitions, see the Glossary: National Income and Product Accounts.<\/p>\n
Statistical conventions<\/p>\n
Annual rates. Quarterly values are expressed at seasonally-adjusted annual rates (SAAR), unless
\notherwise specified. Dollar changes are calculated as the difference between these SAAR values. For
\ndetail, see the FAQ \u201cWhy does BEA publish estimates at annual rates?\u201d<\/p>\n
Percent changes in quarterly series are calculated from unrounded data and are displayed at annual
\nrates, unless otherwise specified. For details, see the FAQ \u201cHow is average annual growth calculated?\u201d<\/p>\n
Quantities and prices. Quantities, or \u201creal\u201d volume measures, and prices are expressed as index
\nnumbers with a specified reference year equal to 100 (currently 2009). Quantity and price indexes are
\ncalculated using a Fisher-chained weighted formula that incorporates weights from two adjacent
\nperiods (quarters for quarterly data and annuals for annual data). \u201cReal\u201d dollar series are calculated by
\nmultiplying the published quantity index by the current dollar value in the reference year (2009) and
\nthen dividing by 100. Percent changes calculated from real quantity indexes and chained-dollar levels
\nare conceptually the same; any differences are due to rounding.<\/p>\n
Chained-dollar values are not additive because the relative weights for a given period differ from those
\nof the reference year. In tables that display chained-dollar values, a \u201cresidual\u201d line shows the difference
\nbetween the sum of detailed chained-dollar series and its corresponding aggregate.<\/p>\n
Updates to GDP<\/p>\n
BEA releases three vintages of the current quarterly estimate for GDP: “Advance” estimates are
\nreleased near the end of the first month following the end of the quarter and are based on source data
\nthat are incomplete or subject to further revision by the source agency; \u201csecond\u201d and \u201cthird\u201d estimates
\nare released near the end of the second and third months, respectively, and are based on more detailed
\nand more comprehensive data as they become available.<\/p>\n
Annual and comprehensive updates are typically released in late July. Annual updates generally cover at
\nleast the 3 most recent calendar years (and their associated quarters) and incorporate newly available
\nmajor annual source data as well as some changes in methods and definitions to improve the accounts.
\nComprehensive (or benchmark) updates are carried out at about 5-year intervals and incorporate major
\nperiodic source data, as well as major conceptual improvements.
\nThe table below shows the average revisions to the quarterly percent changes in real GDP between
\ndifferent estimate vintages, without regard to sign.<\/p>\n
Vintage Average Revision Without Regard to Sign
\n (percentage points, annual rates)
\nAdvance to second 0.5
\nAdvance to third 0.6
\nSecond to third 0.2
\nAdvance to latest 1.1
\nNote – Based on estimates from 1993 through 2015. For more information on GDP
\nupdates, see Revision Information on the BEA Web site.<\/p>\n
The larger average revision from the advance to the latest estimate reflects the fact that periodic
\ncomprehensive updates include major statistical and methodological improvements.<\/p>\n
Unlike GDP, an advance current quarterly estimate of GDI is not released because data on domestic
\nprofits and on net interest of domestic industries are not available. For fourth quarter estimates, these
\ndata are not available until the third estimate.<\/p>\n","protected":false},"excerpt":{"rendered":"
Washington, DC….Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the second quarter of 2017 (table 1), according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent. The GDP estimate released today is based on more complete source data […]<\/p>\n","protected":false},"author":1,"featured_media":17926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,1],"tags":[],"class_list":["post-45309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2016\/04\/bea_logo.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/45309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=45309"}],"version-history":[{"count":0,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/45309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/17926"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=45309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=45309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=45309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}