A final look at second-quarter GDP has the U.S. economy growing at an annualized rate of 2.8% despite expectations for no change to the preliminary report's 3.3% growth rate.
Nevertheless the result was above the 0.9% growth rate reported in the first quarter of 2008.
Personal consumption in the second quarter posted a 1.2% increase, below the preliminary 1.7% growth rate, which economists had expected to be unrevised, while in Q1, personal consumption rose 0.9%.
Core PCE, which excludes sales of volatile food and energy components, posted a 2.2% gain on a quarter-over-quarter basis, above from the 2.1% preliminary estimate which was expected to be unrevised.
The GDP price index came in at 1.1% for the quarter, above the preliminary 1.2% level, which economists also expected to be unrevised.
Exports advanced by 12.3% against the preliminary figure of +13.2% and imports fell by 7.3%, against the preliminary reading of -7.6%. Government spending was unrevised at 3.9%.
By Erik Kevin Franco and edited by Stephen Huebl
©CEP News Ltd. 2008