facebook
twitter
search
search

GDP revised a touch higher

Aug. 29, 2012 at 9:28 AM

WASHINGTON, Aug. 29 (UPI) -- The Commerce Department Wednesday revised its estimate of U.S. economic growth to 1.7 percent in the second quarter, a slight gain over a previous report.

In the first estimate released a month earlier, the GDP growth was reported at 1.5 percent, slightly better than 1.3 percent, which was the consensus estimate at the time.

But the growth rate still shows a decline from the first quarter, when the GDP grew 2 percent from the previous quarter.

The Commerce Department said the estimate released Wednesday reflects an increase in consumer spending, exports and fixed investments in residential and non-residential property.

Production of motor vehicles added 0.18 percentage points to the GDP in the second quarter following a 0.72 percentage point contribution in the first quarter.

Consumer spending adjusted for inflation rose 1.7 percent in the second quarter after rising 2.4 percent in the first.

Spending on durable goods -- items expected to last three years or more -- was unchanged, while spending on non-durable goods rose 0.5 percent after rising 1.6 percent in the previous quarter.

Spending on services rose 2.4 percent after a rise of 1.3 percent in the first quarter.

Like Us on Facebook for more stories from UPI.com  
Related UPI Stories
Latest Headlines
Top Stories
Compact cannon for British armored vehicles
Brazil orders search-and-rescue aircraft
BP settles with U.S. coastal states for $18.7 billion
Whole Foods apologizes for overcharging customers
Australia orders airborne refueling tankers