Gross Domestic Product: Second Quarter 2010 (Advance Estimate)

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Source: Commerce Department

Gross Domestic Product: Second Quarter 2010 (Advance Estimate)

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 2.4 percent in the second quarter of 2010, (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 3.7 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 27, 2010.

The increase in real GDP in the second quarter primarily reflected positive contributions from nonresidential fixed investment, exports, personal consumption expenditures, private inventory investment, federal government spending, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the second quarter primarily reflected an acceleration in imports and a deceleration in private inventory investment that were partly offset by an upturn in residential fixed investment, an acceleration in nonresidential fixed investment, an upturn in state and local
government spending, and an acceleration in federal government spending.



Read more: http://www.bea.gov/newsreleases/national/gdp/2010/gdp2q10_adv.htm

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Stock futures fall after 2Q GDP growth slows

Stock futures fall after 2Q GDP growth slows
By STEPHEN BERNARD (AP) – 35 minutes ago

NEW YORK — Stock futures are falling after the government said the economy grew at a slower pace than expected during the second quarter.

The Commerce Department says the gross domestic product, the broadest measure of the economy, grew at an annual pace of 2.4 percent from April to June. That's less than the 2.5 percent economists had forecast.

The report Friday is confirming investors' belief that the economic recovery is weakening as unemployment remains high and government stimulus programs end. Weaker consumer spending and less growth from companies rebuilding their inventories were the primary factors slowing down growth.

Dow Jones industrial average futures are down 69, or 0.7 percent, at 10,340. Standard & Poor's 500 index futures are down 8.10, or 0.7 percent, at 1,088.90, while Nasdaq 100 index futures are down 15.50, or 0.8 percent, at 1,841.75.