2Q GDP revised downward to 1.1%

August 26, 2016

2Q GDP revised downward to 1.1%

The Bureau of Economic Analysis revised its previous second-quarter estimate of 1.2 percent GDP growth downward to 1.1 percent – due in part to an initial overestimate of residential investment, according to a NAFCU Macro Data Flash.

"Slower inventory accumulation and a lack of business investment were drags on growth," NAFCU Chief Economist and Director of Research Curt Long wrote. "Residential investment also unexpectedly contracted despite an increase of housing starts in recent months.

"However, GDP growth is expected to improve for the rest of this year," Long continued. "Consumer spending continues to boost the economy as the labor market tightens and wage growth picks up. Home sales and auto sales remain robust."

Long had called the initial GDP estimate "disappointing," but noted that the Atlanta Federal Reserve's current estimate of third-quarter GDP growth is a more-robust 3.4 percent.

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