GDP Back At 1.3 Percent For Second Quarter
September 29, 2011 by UPI - United Press International, Inc.
WASHINGTON, Sept. 29 (UPI) — The Commerce Department revised the U.S. real gross domestic product for the second quarter back to show 1.3 percent growth on Thursday.
The department started with an estimate of 1.3 percent growth in July, then revised that down to 1 percent growth in August.
Thursday’s estimate is the final estimate in the trio of reports issued by the department.
Economists had expected a bounce back to 1.2 percent, which is higher than the 0.4 percent growth of the first quarter, but not a strong enough showing to indicate a reduction in the unemployment rate is imminent.
The figure, however, wards off any immediate forecasts that the U.S. is headed for a second double-dip recession.
In the final estimate, consumer spending was revised at 0.7 percent growth from a previous estimate of 0.4 percent. Exports rose 3.6 percent quarter-to-quarter, a figure revised from a previously reported 3.1 percent.
Imports growth was also revised. The final report puts import growth at 1.4 percent, down from 1.9 percent.