Second Quarter GDP Revised Lower
August 26, 2011 by UPI - United Press International, Inc.
WASHINGTON, Aug. 26 (UPI) — The Commerce Department Friday revised the U.S. real gross domestic product for the second quarter down to an annual rise of 1 percent.
The preliminary estimate released a month ago pegged U.S. economic growth quarter-to-quarter at 1.3 percent.
The Commerce Department, however, held onto its first-quarter GDP estimate of 0.4 percent growth, an estimate lowered in July.
The report showed consumer spending rose a lethargic 0.4 percent in the second quarter compared with the first, a far slower pace than the 2.1 percent increase in the first quarter compared with the fourth quarter of 2010.
Government spending went the other way, rising 2 percent in the second quarter after dropping 9.4 percent in the first.
Defense spending was up 7.1 percent quarter-to-quarter. Non-defense public spending was down 7.5 percent after falling 2.7 percent January through March.