GDP growth only 1.3% for 2nd quarter (Corporate Profits, regular, dollars, compared)

[moionfire]

Pre-recession growth was often 3%.


GDP growth only 1.3% for 2nd quarter


National Income and Product Accounts
Gross Domestic Product: Second Quarter 2011 (Advance Estimate)

Revised Estimates: 2003 through First Quarter 2011
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2011,
(that is, from the first quarter to the second quarter), according to the "advance" estimate released by the
Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.

The Bureau emphasized that the second-quarter advance estimate released today is based on
source data that are incomplete or subject to further revision by the source agency (see the box on page
3). The "second" estimate for the second quarter, based on more complete data, will be released on
August 26, 2011.

The estimates released today reflect the annual revision of the national income and product
accounts (NIPAs). In addition to the regular revision of estimates for the most recent 3 years and the
first quarter of 2011, current-dollar GDP and some components are revised back to the first quarter of
2003. In cases for which the estimates for the reference year (2005) are revised, this results in revisions
to the levels of the related index numbers and chained-dollar estimates for the entire historical period;
revisions to percent changes before the first quarter of 2003 are small. Annual revisions, which are
usually released in July, incorporate source data that are more complete, more detailed, and otherwise
more reliable than those previously available. This release includes the revised quarterly estimates of
GDP, corporate profits, and personal income and provides an overview of the results of the revision.

The August 2011 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The complete set of revised estimates will be available on BEA?s Web site at
U.S. Bureau of Economic Analysis (BEA).

________________
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. ?Real? estimates are in chained (2005)
dollars. Price indexes are chain-type measures.

This news release is available on BEA?s Web site along with the Technical Note and Highlights
related to this release.
________________

The increase in real GDP in the second quarter primarily reflected positive contributions from
exports, nonresidential fixed investment, private inventory investment, and federal government spending
that were partly offset by a negative contribution from state and local government spending. Imports,
which are a subtraction in the calculation of GDP, increased.

The acceleration in real GDP in the second quarter primarily reflected a deceleration in imports,
an upturn in federal government spending, and an acceleration in nonresidential fixed investment that
were partly offset by a sharp deceleration in personal consumption expenditures.

Final sales of computers added 0.15 percentage point to the second-quarter change in real GDP
after adding 0.08 percentage point to the first-quarter change. Motor vehicle output subtracted 0.12
percentage point from the second-quarter change in real GDP after adding 1.08 percentage points to the
first-quarter change.

The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.2 percent in the second quarter, compared with an increase of 4.0 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.6 percent in
the second quarter, compared with an increase of 2.4 percent in the first.

Real personal consumption expenditures increased 0.1 percent in the second quarter, compared
with an increase of 2.1 percent in the first. Durable goods decreased 4.4 percent, in contrast to an
increase of 11.7 percent. Nondurable goods increased 0.1 percent, compared with an increase of 1.6
percent. Services increased 0.8 percent, the same increase as in the first.

Real nonresidential fixed investment increased 6.3 percent in the second quarter, compared with
an increase of 2.1 percent in the first. Nonresidential structures increased 8.1 percent, in contrast to a
decrease of 14.3 percent. Equipment and software increased 5.7 percent, compared with an increase of
8.7 percent. Real residential fixed investment increased 3.8 percent, in contrast to a decrease of 2.4
percent.

Real exports of goods and services increased 6.0 percent in the second quarter, compared with an
increase of 7.9 percent in the first. Real imports of goods and services increased 1.3 percent, compared
with an increase of 8.3 percent.

Real federal government consumption expenditures and gross investment increased 2.2 percent
in the second quarter, in contrast to a decrease of 9.4 percent in the first. National defense increased 7.3
percent, in contrast to a decrease of 12.6 percent. Nondefense decreased 7.3 percent, compared with a
decrease of 2.7 percent. Real state and local government consumption expenditures and gross
investment decreased 3.4 percent, the same decrease as in the first.

The change in real private inventories added 0.18 percentage point to the second-quarter change
in real GDP after adding 0.32 percentage point to the first-quarter change. Private businesses increased
inventories $49.6 billion in the second quarter, following increases of $49.1 billion in the first quarter
and $38.3 billion in the fourth.

Real final sales of domestic product -- GDP less change in private inventories -- increased 1.1
percent in the second quarter, after increasing less than 0.1 percent.

Gross domestic purchases

Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.7 percent in the second quarter, the same increase as in the first.

Disposition of personal income

Current-dollar personal income increased $132.5 billion (4.2 percent) in the second quarter,
compared with an increase of $251.9 billion (8.3 percent) in the first.

Personal current taxes increased $22.6 billion in the second quarter, compared with an increase
of $122.3 billion in the first.

Disposable personal income increased $109.9 billion (3.9 percent) in the second quarter,
compared with an increase of $129.6 billion (4.7 percent) in the first. Real disposable personal income
increased 0.7 percent, the same increase as in the first quarter.

Personal outlays increased $83.5 billion (3.1 percent) in the second quarter, compared with an
increase of $153.5 billion (5.8 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $590.6 billion in the second quarter, compared with $564.3 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- was 5.1 percent in
the second quarter, compared with 4.9 percent in the first. For a comparison of personal saving in
BEA?s national income and product accounts with personal saving in the Federal Reserve Board?s flow
of funds accounts and data on changes in net worth, go to www.bea.gov/national/nipaweb/Nipa-Frb.asp .


Current-dollar GDP

Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.7 percent, or $136.0 billion, in the second quarter to a level of $15,003.8 billion. In the first quarter,
current-dollar GDP increased 3.1 percent, or $112.8 billion.







http://www.bea.gov/scb/pdf/2011/07%2...nal_report.pdf

[chielgirl]

Only?
Any growth is good.

People aren't going to read a page full of articles, btw. You need to cut that down and link.

[clb10]

I think we can all agree that the 2008 bailouts should have been direct cash payments to American citizens.

...bank executives excluded, of course.