Real gross domestic product (GDP) increased 3.7 percent in the second quarter of 2015, according to the “second” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 1.4 percentage points from the “advance” estimate released in July. In the first quarter, real GDP increased 0.6 percent.
The second-quarter increase in real GDP mainly reflected an increase in consumer spending. Spending on services, nondurable goods, and durable goods increased.
Exports, state and local government spending, business investment, residential investment, and inventory investment also contributed to the increase in real GDP.
These contributions to the increase in real GDP were partly offset by a rise in imports, mainly in autos and auto parts. (Imports are subtraction in the calculation of GDP.)
The upward revision to second-quarter GDP growth reflected upward revisions to business investment (all three major categories), inventory investment, state and local government spending, and consumer spending.
For more information, see the technical note.
Corporate profits increased 2.4 percent at a quarterly rate in the second quarter after decreasing 5.8 percent in the first quarter.
- Profits of domestic nonfinancial corporations increased 1.3 percent after decreasing 5.3 percent.
- Profits of domestic financial corporations increased 9.4 percent after decreasing 6.1 percent.
- Profits from the rest of the world decreased 0.7 percent after decreasing 6.9 percent.
Over the last 4 quarters, corporate profits decreased 0.5 percent.
For more information, read the full report.