Gross Domestic Product Down 1 Percent for Second Quarter

 

The much smaller decrease in real GDP in the second quarter than in the first primarily reflected much smaller decreases in nonresidential fixed investment and in exports, an upturn in federal government spending, smaller decreases in private inventory investment and residential fixed investment. Courtesy of Iowa Pork Producers Association

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 1.0 percent in the second quarter of 2009, (that is, from the first quarter to the second quarter), according to the second estimate. In the first quarter, real GDP decreased 6.4 percent, so the amount of contraction is slowing down.

Courtesy of Bureau of Economic Analysis