Deinonychus antirrhopus

Second Quarter GDP

The Bureau of Economic Analysis has released its preliminary GDP numbers for the second quarter and it is bad news: a downward revision. GDP (annualized) growth for the second quarter was a sluggish 2.8%.

The major contributors to the increase in real GDP in the second quarter were personal consumption expenditures (PCE), equipment and software, residential fixed investment, private inventory investment, and government spending. Imports, which are a subtraction in the calculation of GDP, increased.

I don't think Bush is going to get much help from the economy as the data are indicating we are still in the "soft patch" and maybe for sometime as oil prices remain high.