Today, the Bureau of Economic Analysis (BEA) released their third "estimate" of the Q2 2012 GDP report showing that the economy continued to expand with real GDP increasing at a tepid annualized rate of 1.3% from Q1 2012. On a year-over-year basis real GDP increased 2.14% while the quarter-to-quarter non-annualized percent change was 0.31%.
The latest quarterly results indicate that the most notable source of weakness in the economy came from durable goods spending which declined at a rate of 0.2% from Q1 2012 while government spending declined across the board.
Other categories such as residential structures also saw notable slowing from the prior quarter registering a still respectable rate of 8.5% while non-residential fixed structures expand by just 0.6%.
Keep in mind that these results are likely very poorly estimated and are sure to be revised notably in following quarters and even years to come.
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