WASHINGTON (9/28/15)--Real gross domestic product (GDP) increased at an annual rate of 3.9% in the second quarter of 2015, according to the final estimate released by Department of Commerce Friday.
That’s an increase from the 3.7% increase reported last month. In the first quarter, real GDP increased 0.6%.) GDP is defined as the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production adjusted for price changes.
Consumer spending, which accounts for more than two thirds of U.S. economic activity, was revised up to a 3.6% growth pace from the 3.1% rate reported in August, helped by lowers gas prices and relatively higher house prices improving household income (Reuters Sept. 25).
Revised construction spending data helped to push up the headline figure, with non-residential fixed investment expanding 4.1% in the quarter.
The revisions to second-quarter growth also reflected a smaller accumulation of inventories than earlier estimated, with inventories contributing a 0.02 percentage point to growth rather than adding 0.22 percentage point.