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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, Thursday, September 28, 2017
Gross Domestic Product, 2nd quarter 2017 (third estimate); Corporate Profits, 2nd quarter 2017 (revised estimate)
Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the second quarter of 2017 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 1.2 percent. The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.0 percent. With this third estimate for the second quarter, private inventory investment increased more than previously estimated, but the general picture of economic growth remains the same. (see "Updates to GDP" on page 2).
Real gross domestic income (GDI) increased 2.9 percent in the second quarter, compared with an increase of 2.7 percent in the first. The average of real GDP and real GDI, a supplemental measure of U.S. economic activity that equally weights GDP and GDI, increased 3.0 percent in the second quarter, compared with an increase of 2.0 percent in the first quarter (table 1). The increase in real GDP in the second quarter primarily reflected positive contributions from PCE, nonresidential fixed investment, exports, federal government spending, and private inventory investment that were partly offset by negative contributions from residential fixed investment and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased (table 2). The acceleration in real GDP in the second quarter reflected an upturn in private inventory investment, an acceleration in PCE, a deceleration in imports, and an upturn in federal government spending that were partly offset by a downturn in residential fixed investment, a deceleration in exports, and a downturn in state and local government spending. Current-dollar GDP increased 4.1 percent, or $192.3 billion, in the second quarter to a level of $19,250.0 billion. In the first quarter, current-dollar GDP increased 3.3 percent, or $152.2 billion (table 1 and table 3). The price index for gross domestic purchases increased 0.9 percent in the second quarter, compared with an increase of 2.6 percent in the first quarter (table 4). The PCE price index increased 0.3 percent, compared with an increase of 2.2 percent. Excluding food and energy prices, the PCE price index increased 0.9 percent, compared with an increase of 1.8 percent (appendix table A). Updates to GDP The revision to the percent change in real GDP primarily reflected an upward revision to private inventory investment. For more information, see the Technical Note. For information on updates to GDP, see the "Additional Information" section that follows. Advance Estimate Second Estimate Third Estimate (Percent change from preceding quarter) Real GDP 2.6 3.0 3.1 Current-dollar GDP 3.6 4.0 4.1 Real GDI … 2.9 2.9 Average of Real GDP and Real GDI … 3.0 3.0 Gross domestic purchases price index 0.8 0.8 0.9 PCE price index 0.3 0.3 0.3 Corporate Profits (table 12) Profits from current production (corporate profits with inventory valuation adjustment and capital consumption adjustment) increased $14.4 billion in the second quarter, in contrast to a decrease of $46.2 billion in the first quarter. Profits of domestic financial corporations decreased $33.8 billion in the second quarter, compared with a decrease of $40.7 billion in the first. Profits of domestic nonfinancial corporations increased $59.1 billion, compared with an increase of $3.8 billion. Rest-of-the-world profits decreased $10.8 billion, compared with a decrease of $9.3 billion. In the second quarter, receipts increased $5.5 billion, and payments increased $16.3 billion. * * * Next release: October 27, 2017 at 8:30 A.M. EDT Gross Domestic Product: Third Quarter 2017 (Advance Estimate) * * *