Market Updates
U.S. GDP Growth Rate Revised Higher to 4.2%
Mukesh Buch
28 Aug, 2014
New York City
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U.S. Gross Domestic Product, the broadest measure of goods and services generated in the economy, increased at a seasonally adjusted annual rate at 4.2%, the Commerce Department reported today.
U.S. Gross Domestic Product, the broadest measure of goods and services generated in the economy, increased at a seasonally adjusted annual rate at 4.2%, the Commerce Department reported today.
The government agency had previously estimated growth of 4% based on preliminary international trade and inventories data.
Overall, GDP advanced 2.5% in the second quarter from a year ago, revised from the prior estimate of 2.4% annual growth rate and better than 1.9% annual rate in the first quarter.
After tax corporate profit after adjustments increased to annual rate of $1.84 trillion, up 6% from $1.735 trillion in first quarter.
The second quarter rebound averaged the economic growth rate of about 1.05% in the first half of the year. The economic recovery has been uneven and the latest quarterly revision at least for now assuaged worries of halting and choppy growth.
The latest quarterly revision was driven by an increase of non-residential fixed investment gain of 8.4% from the previous estimate of 5.5%.
International trade also offered smaller resistance to the growth and subtracted 0.43% compared to the previous estimate of 0.61%.
Change in private inventories supported the growth in the second quarter by 1.39 percentage points, less than the previous estimate of 1.66 percentage points.
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