The second revision of GDP data released today by the Bureau of Economic Analysis confirmed that the U.S. economy expanded at a moderate 2.4 percent annual rate in the first quarter of 2013. The figure for overall growth was almost unchanged from the 2.5 percent of last month’s advance estimate. However, there were significant changes in several of the components of GDP growth, as the following table shows.
Growth of consumer spending was even stronger than previously
reported. In fact, we could say that consumers accounted for all of the
reported growth, since pluses and minuses in other sectors just
cancelled each other out. Increases in consumer spending were
broad-based, with durable goods, nondurable goods, and services all
showing solid gains. >>>Read more
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