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U.S. & Intl Recaps | Event Definitions | Today's Calendar
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| GDP |
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Released On 9/26/2014 8:30:00 AM For Q2f:2014
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Prior | Consensus | Consensus Range | Actual |
| Real GDP - Q/Q change - SAAR | 4.2 % | 4.6 % | 4.3 % to 5.0 % | 4.6 % |
| GDP price index - Q/Q change - SAAR | 2.1 % | 2.1 % | 2.1 % to 2.2 % | 2.1 % |
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Highlights
The final revision to second quarter GDP growth showed an upward
revision to 4.6 percent from the prior estimate of 4.2 percent and
compared to the first quarter decline of 2.1 percent. The revision
matched expectations. Upward revisions primarily came from
nonresidential fixed investment, residential investment, and exports.
Looking
at growth rates (instead of the direction and degree of component
revisions), strength for the second quarter was broad based in inventory
investment, net exports, nonresidential fixed investment and
residential investment. Personal consumption also was healthy.
Chain-weighted
prices advanced 2.1 percent annualized, equaling the prior estimate and
forecasts and compared to the first quarter number of 1.3 percent.
The
general picture of the second quarter has not changed. Second quarter
strength to a notable degree was a rebound from the weather-related
decline in the first quarter. This was especially true for inventories
and construction components. Nonetheless, the quarter was moderately
favorable. However, the rebound effect will show up little if at all in
the third quarter and a more moderate number should be expected.
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Recent History Of This Indicator
GDP growth for the second quarter was higher than expected. The
second estimate for second quarter GDP growth came in at 4.2 percent
annualized versus a 4.0 percent forecast and coming off a 2.1 percent
weather related drop in the first quarter. With this second estimate for
the second quarter, the general picture of economic growth remained the
same; the increase in nonresidential fixed investment was larger than
previously estimated, while the increase in private inventory investment
was smaller than previously estimated. Real final sales of domestic
product-GDP less change in private inventories-increased 2.8 percent in
the second quarter, in contrast to a decrease of 1.0 percent in the
first. Real final sales to domestic purchasers gained 3.1 percent versus
0.7 in the first quarter. Chain-weighted prices gained 2.1 percent
annualized, compared to the consensus for 2.0 percent and the first
quarter number of 1.3 percent.
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Definition
Gross Domestic Product (GDP) is the broadest measure of aggregate
economic activity and encompasses every sector of the economy.
Why Investors Care
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![[Chart]](http://mam.econoday.com/showimage.asp?imageid=27268)
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Real GDP growth is always quoted
at a quarterly annual rate. It measures how much the economy has grown
over a three-month period. Quarterly growth rates are often volatile;
consequently, economists also like to look at the year-over-year growth
in GDP. The yearly changes tend to be more stable.
Data Source: Haver Analytics
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![[Chart]](http://mam.econoday.com/showimage.asp?imageid=27269)
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It is common to compare
quarterly changes at annual rates in the GDP deflator. These can be
volatile, just like the quarterly swings in real GDP growth; as a
result, the trend in inflation is better determined by year- over- year
changes.
Data Source: Haver Analytics
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