WASHINGTON — The U.S. second quarter real gross domestic product posted a 2.3% gain, up from 0.6% growth in the first quarter.
The latter was revised higher from 0.2% contraction in the prior estimate, still showing a rebound after severe winter weather depressed spending and housing, and as port strikes impeded trade.
Overall, Q2:2015 represented a modest rebound compared to 2014 when negative real growth in winter was replaced by twice the normal growth pace in Q2.
The latest data for Q2:2015 include new, more timely goods trade data and assume little change in missing inventories data. Housing was assumed to have gained in June.
In Q2, real residential spending was notable at a 6.6% increase and state and local spending at 2.0%. Federal spending decreased 1.1%. Real personal consumption jumped 2.9% as spending on durables and nondurables advanced, led by motor vehicles & parts, which contributed 0.26 point to GDP after lagging in Q1.
The 2011-14 average real growth rate is 2% after revision, a little lower as PCE got revised lower. Revisions do not alter the general patterns.
A new statistic, the average for GDP-GDI, was up 2.2% over the period, still suggesting some leakage.
GDP prices were 2.0% higher in Q2 and core PCE prices rose 1.8%. The latter might get some attention for being closer to the Fed's estimates.
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