Widespread industry growth drove the U.S. economy’s second-quarter rebound, with 19 of the 22 industry groups tracked contributing 6.7 percentage points to real Gross Domestic Product. Finance, insurance, real estate, rental and leasing; manufacturing; and agriculture, forestry, fishing and hunting led the way.
Real GDP increased 4.6 percent in the second quarter, after decreasing 2.1 percent in the first quarter.
Real value added —a measure of an industry’s contribution to GDP—for finance, insurance, real estate, rental, and leasing increased 2.7 percent in the second quarter, after decreasing 4.1 percent in the first
quarter. The upturn was primarily concentrated in the finance and insurance sector, which includes banking, brokerage and other types of financial services. Real gross output for the finance and insurance sector – a measure of an industry’s sales or receipts adjusted for inflation – increased 2.7 percent in the second quarter, after increasing 2.3 percent.
Real value added for the manufacturing sector also turned up, increasing 6.8 percent, after decreasing 1.3 percent in the first quarter. Durable-goods manufacturing, which includes motor vehicle manufacturing and computer and electronic product manufacturing, led the overall upturn in manufacturing, increasing 8 percent in the second quarter, after decreasing 4.5 percent. Similarly, real gross output for durable-goods manufacturing increased 7.3 percent, after decreasing 2.7 percent in the first quarter.
Real value added for the agriculture, forestry, fishing and hunting sector increased 14.2 percent. The sector’s real gross output also rebounded in the second quarter, increasing 6.3 percent, after falling 19.9 percent.
Quarterly GDP by industry statistics, including value added, gross output, and intermediate inputs, can be accessed in BEA’s Interactive Data Application at www.bea.gov/itable/.