I was reading the balance statement for the Philly Fed that
looked interesting to.
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excepts:News Release: Gross Domestic Product
The acceleration in real GDP growth in the second quarter primarily reflected upturns in federal
defense spending and in nonresidential fixed investment, and an acceleration in PCE that were partly
offset by an upturn in imports.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.3 percent in the second quarter, compared with an increase of 3.4 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 0.7 percent in
the second quarter, compared with an increase of 1.8 percent in the first.
Real personal consumption expenditures increased 3.3 percent in the second quarter, compared
with an increase of 2.0 percent in the first. Durable goods purchases increased 22.6 percent, in contrast
to a decrease of 2.0 percent. Nondurable goods increased 0.1 percent, compared with an increase of 6.1
percent. Services expenditures increased 1.5 percent, compared with an increase of 0.9 percent.
Real nonresidential fixed investment increased 6.9 percent in the second quarter, in contrast to a
decrease of 4.4 percent in the first. Nonresidential structures increased 4.8 percent, in contrast to a
decrease of 2.9 percent. Equipment and software increased 7.5 percent, in contrast to a decrease of 4.8
percent. Real residential fixed investment increased 6.0 percent, compared with an increase of 10.1
percent.
Real exports of goods and services decreased 3.1 percent in the second quarter, compared with a
decrease of 1.3 percent in the first. Real imports of goods and services increased 9.2 percent, in contrast
to a decrease of 6.2 percent.
Real federal government consumption expenditures and gross investment increased 25.1 percent in
the second quarter, compared with an increase of 0.7 percent in the first. National defense increased
44.1 percent, in contrast to a decrease of 3.3 percent. Nondefense decreased 4.1 percent, in contrast to
an increase of 8.4 percent. Real state and local government consumption expenditures and gross
investment decreased 1.5 percent, in contrast to an increase of 0.2 percent.
The real change in private inventories subtracted 0.77 percentage point from the second-quarter
change in real GDP, after subtracting 0.82 percentage point from the first-quarter change. Private
businesses reduced inventories $17.9 billion in the second quarter, following increases of $4.8 billion in
the first quarter and $25.8 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.2
percent in the second quarter, compared with an increase of 2.3 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.8 percent in the second quarter, compared with an increase of 0.6 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $74.4 billion (3.3 percent) in the second quarter,
compared with an increase of $82.3 billion (3.7 percent) in the first. Personal tax and nontax payments
increased $8.3 billion (3.1 percent), in contrast to a decrease of $12.9 billion (4.7 percent).
Disposable personal income increased $66.1 billion in the second quarter, compared with an
increase of $95.1 billion in the first. Real disposable personal income increased 2.4 percent, compared
with an increase of 2.1 percent.
Personal outlays increased $85.5 billion (4.5 percent) in the second quarter, compared with an
increase of $86.9 billion (4.6 percent) in the first. Personal saving -- disposable personal income less
personal outlays -- was $270.6 billion in the second quarter, compared with $290.0 billion in the first.
The personal saving rate -- saving as a percentage of disposable personal income -- decreased from 3.6
percent in the first quarter to 3.3 percent in the second.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.4 percent, or $88.9 billion, in the second quarter to a level of $10,777.3 billion. In the first quarter,
current-dollar GDP increased 3.8 percent, or $99.6 billion.
Here's the future<g>
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