by Calculated Risk on 8/26/2011 08:30:00 AM

From the BEA: Gross Domestic Product, Second Quarter 2011 (second estimate

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 1.0 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the "second" estimate released by the Bureau of Economic Analysis.

This was revised down from 1.3% and slightly below the consensus of 1.1%.

Exports subtracted more from GDP - as did changes in private inventories. Consumption of services and fixed investment were revised up slightly.

The following graph shows the quarterly GDP growth (at an annual rate) for the last 30 years. The current quarter is in blue.

Click on graph for larger image in graph gallery.

The dashed line is the current growth rate. Growth in Q2 at 1.0% annualized was below trend growth (around 3%) - and very weak for a recovery, especially with all the slack in the system.

Here is a table of the changes (contribution to GDP):

Contributions to Percent Change in Q2 Real Gross Domestic Product
	2nd Estimate	Advance	Change
Percent change at annual rate:
Gross domestic product	1.0	1.3	-0.3
Percentage points at annual rates:
Personal consumption expenditures	0.3	0.07	0.23
Goods	-0.34	-0.33	-0.01
Durable goods	-0.4	-0.35	-0.05
Nondurable goods	0.07	0.02	0.05
Services	0.64	0.4	0.24
Gross private domestic investment	0.78	0.87	-0.09
Fixed investment	1.01	0.69	0.32
Nonresidential	0.94	0.61	0.33
Structures	0.38	0.2	0.18
Equipment and software	0.55	0.41	0.14
Residential	0.08	0.08	0
Change in private inventories	-0.23	0.18	-0.41
Net exports of goods and services	0.09	0.58	-0.49
Exports	0.41	0.81	-0.4
Imports	-0.33	-0.23	-0.1
Government consumption expenditures	-0.18	-0.23	0.05
Federal	0.16	0.18	-0.02
National defense	0.38	0.39	-0.01
Nondefense	-0.21	-0.21	0
State and local	-0.34	-0.41	0.07