U.S. growth raised to 3.9% in second quarter, GDP report shows
Source: MarketWatch
By Jeffry Bartash
Published: Sept 25, 2015 8:57 a.m. ET
Consumer spending, business investment revised higher
There was strong growth in the U.S. economy during the second quarter.
WASHINGTON (MarketWatch) —The U.S. economy grew almost 4% in the second quarter, powered by higher consumer spending and a bit stronger business investment than previously reported, revised figures show.
Gross domestic product — the value of everything a nation produces — rose at a 3.9% annual rate from April to June, according to the government’s second update of how fast the nation’s economy expanded during the spring. Previously the Commerce Department had said GDP increased 3.7%. The figures get revised as the government gets more data on how the economy performed.
The rebound in the second quarter after dismal 0.6% growth in the first three months of the year was driven largely by an increase in spending by consumers, who account for as much as 70% of U.S. economic activity.
Consumer purchases jumped 3.6%, up from a prior estimate of 3.1%. Americans spent more on services such as health care and transportation. ... Businesses also invested more in structures such as office buildings and plants than the government initially reported.
Read more: http://www.marketwatch.com/story/us-growth-raised-to-39-in-second-quarter-gdp-report-shows-2015-09-25
National Income and Product Accounts; Gross Domestic Product: Second Quarter 2015 (Third Estimate); Corporate Profits: Second Quarter 2015 (Revised Estimate)
* See the navigation bar at the right side of the news release text for links to data tables, contact personnel and their telephone numbers, and supplementary materials.
Lisa Mataloni: (202) 606-5304 (GDP) gdpniwd@bea.gov
Kate Pinard: (202) 606-5564 (Profits) cpniwd@bea.gov
Jeannine Aversa: (202) 606-2649 (News Media)
National Income and Product Accounts
Gross Domestic Product: Second Quarter 2015 (Third Estimate)
Corporate Profits: Second Quarter 2015 (Revised Estimate)
Real gross domestic product -- 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 -- increased at an annual rate of 3.9 percent in the second quarter of 2015, according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.6 percent.
The GDP estimate released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 3.7 percent. With the third estimate for the second quarter, the general picture of economic growth remains the same; personal consumption expenditures (PCE) and nonresidential fixed investment increased more than previously estimated (see “Revisions” on page 2).
The increase in real GDP in the second quarter primarily reflected positive contributions from PCE, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
Real GDP increased 3.9 percent in the second quarter, after increasing 0.6 percent in the first. The acceleration in real GDP in the second quarter reflected an upturn in exports, an acceleration in PCE, a deceleration in imports, an upturn in state and local government spending, and an acceleration in nonresidential fixed investment that were partly offset by decelerations in private inventory investment and in federal government spending.
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Don't count them out just yet! 
I couldn't believe my ears this morning listening to CSPAN.
After Boehner announced his retirement the Tea Party lit up the phone lines with callers rejoicing about Boehner's exit.
Their stock complaint: The President is ruing this country and Boehner didn't do anything about it.
