US real gross domestic product (GDP) increased at an annual rate of 1.1% in the second quarter of 2016 according to the ‘second’ estimate released by the US Bureau of Economic Analysis (BEA).
This followed a real GDP increase of 0.8% in the first quarter.
Real gross domestic income (GDI) increased 0.2% in the second quarter, compared with an increase of 0.8% in the first quarter, while the average of real GDP and real GDI – a supplemental measure of US economic activity that equally weights GDP and GDI – increased 0.6% in the second quarter compared with an increase of 0.8% in the first.
The increase in real GDP in the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE) and exports that were partly offset by negative contributions from private inventory investment, residential fixed investment, state and local government spending and non-residential fixed investment, the BEA said.
Current-dollar GDP increased 3.4%, or $154.9bn, in the second quarter to a level of $18,436.5bn. In the first quarter, current dollar GDP increased 1.3%, or $58.9bn.
The Chemical Activity Barometer (CAB), a leading economic indicator created by the American Chemistry Council (ACC), has demonstrated consecutive growth over the past four months in its latest review.
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