- Korea: GDP (Q4); Thailand Auto Sales (Feb)
- Turkey: Capacity Utilization, Business Tendency survey (Mar); South Africa: Tourism & Migration (Jan), Manufacturing Survey (Q1)
- Croatia: Tourism (Jan); Montenegro: Foreign Trade (Feb); Czech Republic: CPI by COICOP (Feb), Registered Employment (Q4); Kazakhstan: Loans & Deposits (Feb); Slovenia: Business Cycle Indicators (Mar); Russia: Employment by Industry (Q4);
- more updates...
Economy in Brief
Texas Factory Sector Activity Remains Strong
The Dallas Fed indicated in its Texas Manufacturing Outlook Survey that the General Business Activity Index eased during March...
EMU Money and Credit Growth Are Less Than Impressive Than Euro-PMIs
EMU nominal money supply growth is slightly higher over three months, but credit growth in the EMU is slower...
Durable Goods Orders Strengthened by Another Jump in Aircraft
New orders for durable goods rose 1.7% (5.0% y/y) during February...
Correction to Unemployment Insurance Weekly Claims
The Department of Labor has issued a correction to yesterday's annual revision to seasonally adjusted weekly unemployment claims...
EMU PMIs Are Off to the Races...Farewell Mediocrity?
The PMI rankings for the manufacturing and service sector PMIs in the EMU are suddenly off the chart...
U.S. New Home Sales Improve While Prices Decline
Sales of new single-family homes increased 6.1% (12.8% y/y) during February to 592,000 units (AR)...
by Tom Moeller September 29, 2016
Economic growth during Q2'16 was revised higher to 1.4% (SAAR, 1.3% y/y) from 1.1% estimated last month and 1.2% in the advance report. A 0.8% gain had been expected in the Action Economic Forecast Survey.
Business fixed investment increased at a 1.0% rate (-0.5% y/y), revised from a 0.9% decline. Structures outlays declined 2.1% (-5.6% y/y), revised from -8.4%. Equipment outlays declined 3.0% (-1.7% y/y), revised from -3.7%. Industrial equipment outlays grew 9.5% (2.5% y/y), revised from 9.1%. Information processing equipment dropped at an unchanged rate of 4.9% (+4.1% y/y). Intellectual property product spending gained 10.4% (5.9% y/y), revised from 8.6%.
The increase in consumer spending was little changed at 4.3% (2.7% y/y). It was the strongest increase since Q4'14. Durable goods purchases jumped at a 9.8% rate (4.8% y/y). Nondurable goods spending gained 5.7% (3.0% y/y). In the services sector, spending increased 3.0% (2.3% y/y).
Residential investment fell at a 7.8% annual rate (+5.7% y/y), an estimate that was little changed and the first decline since Q1'14.
Government purchases declined at a 1.7% annual rate (+0.7% y/y), revised from -1.5%. State & local buying fell 2.5% (+0.7% y/y). Federal government purchases eased 0.4% (+0.7% y/y) as defense spending dropped 3.2% (-0.8% y/y), the same as in Q1.
Inventory investment subtracted a slightly lessened 1.2 percentage points from economic growth. It remained the largest of five consecutive quarterly reductions. The foreign trade sector added a slightly increased 0.2 percentage points to overall economic growth. Exports grew 1.8% (-1.1% y/y) while imports improved 0.2% (0.3% y/y).
The revision was accompanied by the second report on after-tax corporate earnings which showed a 5.6% rise (-1.7% y/y), revised from 4.9%. It was the second consecutive quarter of firm increase. Profits with IVA & CCA adjustments eased 0.6% (-4.3% y/y) as nonfinancial industry earnings declined 4.6% (-7.5% y/y). Foreign sector profits jumped 10.3% (6.5% y/y) while financial sector earnings improved 1.3% (-4.7% y/y).
The GDP price index increased at a 2.3% rate (1.2% y/y), which was revised up minimally. The personal consumption price index increased 2.0% (1.0% y/y), and excluding food & beverages, it rose 1.8% (1.6% y/y). The nonresidential investment price index increased 1.2% (0.5% y/y), while the residential investment price index jumped 5.8% (3.2% y/y). The government sector price index increased 2.7% (0.7% y/y).
The GDP figures can be found in Haver's USECON and USNA database. USNA contains virtually all of the Bureau of Economic Analysis' detail in the national accounts, including the integrated economic accounts and the recently added GDP data for U.S. Territories. The Action Economics consensus estimates can be found in AS1REPNA
|Chained 2009 $ (%, AR)||Q2'16 (3rd Estimate)||Q2'16 (2nd Estimate)||Q2'16 (Advance Estimate)||Q1'16||Q4'15||Q2'16 Y/Y||2015||2014||2013|
|Gross Domestic Product||1.4||1.1||1.2||0.8||0.9||1.3||2.6||2.4||1.7|
|Foreign Trade Effect||0.2||0.1||0.2||0.0||-0.5||-0.1||-0.7||-0.1||0.3|
|Domestic Final Sales||2.4||2.2||2.1||1.2||1.7||2.1||3.1||2.6||1.2|
|Personal Consumption Expenditures||4.3||4.4||4.2||1.6||2.3||2.7||3.2||2.9||1.5|
|Business Fixed Investment||1.0||-0.9||-2.2||-3.4||-3.3||-0.5||2.1||6.0||3.5|
|Chain-Type Price Index|
|Personal Consumption Expenditures||2.0||2.0||1.9||0.3||0.4||1.0||0.3||1.5||1.3|