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GDP for Second Quarter Revised Upwards

Thu, August 27, 2020 3:37 PM | Anonymous member (Administrator)

In a bit of good news, the U.S. Bureau of Economic Analysis (BEA) has issued the latest update to real Gross Domestic Product (GDP). According to the "second" more accurate estimate released by the Bureau, GDP decreased by 7.925 percent for the quarter, an improvement over the initial estimate released in July. (If the contraction stayed at this pace for 12 months, the annual rate would be 31.7 percent, an unreliable projection never used before the second quarter of 2020). The change was 1.2 percentage points better than the "advance" estimate that set the downturn at 9.125 percent. In the first quarter of 2020, real GDP decreased 5.0 percent. Profits decreased 11.1 percent at a quarterly rate in the second quarter after decreasing 12.0 percent in the first quarter.

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