U.S. GDP Growth -- At A Glance

3.7%

The U.S. economy expanded at a 3.7% seasonally adjusted annual pace in the second quarter. That’s a much quicker pace than the first estimate of a 2.3% advance. Last quarter’s growth is also a sharp uptick from the first quarter’s mild 0.6% expansion.

5.1%

U.S. corporate profits posted the strongest quarterly increase in a year this spring. Profits after tax and without inventory or capital consumption adjustments rose 5.1% in the second quarter after increasing 2% in the first. It was the best quarterly gain since the second quarter of 2014. From a year earlier, profits advanced 7.3%.

0.22

Businesses built inventories, rather than let them dwindle, in the second quarter, according to the revised GDP reading. The change in private inventories contributed 0.22 percentage point to overall growth. The initial estimate was a 0.08 percentage point drag on the GDP advance.

3.2%

Businesses stepped up investments in second quarter. Nonresidential fixed investment, spending on construction, equipment and software, advanced at a 3.2% annual pace in the second quarter. That’s an upward revision from the initial estimate of a 0.6% decline in such spending. The change contributed 0.48 percentage point to the overall upward revision of 1.4 percentage points.

2010

Spending at all levels of government increased at the fastest pace since the second quarter of 2010. Public outlays advanced 2.6% annual pace during the second quarter. That’s an upward revision from the initial estimate of a 0.8% advance. Federal spending was flat for the quarter and spending at the state and local level increased 4.3%, the strongest increase since the fourth quarter of 2001.