by Calculated Risk on 9/11/2014 12:05:00 PM

From Brett LoGiurato at Business Insider: Goldman Is Now Saying That Q2 GDP Growth Was Absolutely Massive

Goldman Sachs revised its estimate of second-quarter GDP growth to 4.7% on Thursday, based on new data from the Census Bureau's Quarterly Services Survey (QSS).

Stronger-than-expected healthcare spending growth led to the revised Goldman estimate of 4.7%, which was up 0.5% from the Bureau of Economic Analysis' second advance-estimate of 4.2%.

Here is the Q2 Quarterly Services Press Release

Health care and social assistance The estimate of U.S. health care and social assistance revenue for the second quarter of 2014, not adjusted for seasonal variation, or price changes, was $565.6 billion, an increase of 3.0 percent (± 0.9%) from the first quarter of 2014 and up 3.7 percent (± 0.9%) from the second quarter of 2013. The fourth quarter of 2013 to first quarter of 2014 percent change was not revised from -2.0 percent (± 0.8%).

The third estimate of Q2 GDP will be released on Friday, September 26th. Some of the Q2 GDP increase was a bounce back from the weather impacted Q1.