August 26, 2011
Economic Growth Smaller Than First Thought
Gross domestic product increased at a rate of 1 percent in the second quarter, according to the Bureau of Economic Analysis.
That exceeds the 0.4-percent GDP growth in the first quarter, but was revised downward from an initial second-quarter estimate of 1.3 percent released last month. The difference amounts to $9.6 billion.
The increase over the first quarter's growth was led by higher spending on nonresidential structures, equipment and software as well as higher personal consumption and federal spending.
Corporate profits in the second quarter more than tripled to $57.3 billion, compared to $19 billion in the first quarter.
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