The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, exports, personal consumption expenditures, private inventory investment, federal government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP in the second quarter primarily reflected an acceleration in import and a deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local government spending, and an acceleration in federal government spending.
Here's a chart of the last four quarters of GDP:
Notice this is the fourth quarter where the US economy has had positive quarter to quarter growth.
Above is a chart of the percent contributions to the percentage change in GDP. Notice the growth is spread out across different categories -- PCEs, investment and exports all contributed.
We'll be looking at this report in more detail throughout the day, but suffice it to say, this is a decent report.
