After a very tough first three months of the year, U.S. economic output rebounded sharply in the April through June period, according to a third gross domestic product estimate released today.
Real gross domestic product fell by 0.7 percent in the second quarter of 2009 after real GDP fell 6.4 percent, according to the “third” estimate released today by the U.S. Government’s Bureau of Economic Analysis.
A “second” estimate of Real GDP issued last month based on less complete source information said the decrease was 1.0 percent.
Factors contributing to the decrease in real GDP for the second quarter were primarily negative output in various categories including private inventory investment, nonresidential fixed investment, residential fixed investment, personal consumption expenditures, and exports.
Positive contributions came from federal, state, and local government spending. Imports, considered a subtraction in the calculation of GDP, fell.
Real GDP saw a much smaller decrease in the second quarter primarily due to smaller decreases in nonresidential fixed investment and in exports, an upturn in federal government spending, a smaller decrease in private inventory investment, an upturn in state and local government spending, and a smaller decrease in residential fixed investment that were partly offset by a much smaller decrease in imports and a downturn in personal consumption expenditure.