According to the advance estimate, GDP increased 1.7% in Q2 2013. That is up from a downwardly revised 1.1% (from 1.8%) in the first quarter and well above the Briefing.com consensus expectation of a 1.1% gain.The second quarter GDP is normally difficult to predict as the BEA incorporates annual revisions to the data. This year's release was even more complex as the BEA also introduced a new investment component, intellectual property products, to the mix. That component added $325.8 bln to second quarter real GDP and contributed 0.08 percentage points to GDP growth. As the BEA alluded to in their pre-release documentation on the new revisions, the added components did not play a major role for economic growth.Real final sales, which excludes volatile inventory movements, increased 1.3% in the second quarter, up from a 0.2% gain in Q1 2013.
Those were the two worst performing quarters since real final sales fell 0.3% in Q1 2011.Personal consumption spending softened. After growing 2.3% in the first quarter, spending growth dropped to +1.8% in Q2 2013.Nonresidential investment increased 4.6% Q2 after falling by that rate in Q1 2013. Even though shipments of nondefense capital goods excluding aircraft contracted in Q2, the BEA reports that spending on equipment rose 4.1%. Spending on structures increased 6.8% after falling 25.7% in the first quarter. The new intellectual property products component increased 3.8%, up slightly from a 3.7% gain in Q1.Residential investment spending increased 13.4% in the second quarter after increasing 12.5% in Q1 2013.The real net export deficit widened from $422.3 bln in Q1 2013 to $451.3 bln in the second quarter. The increase in the trade deficit lopped of 0.81 percentage points from GDP growth.Surprisingly, inventories contributed 0.41 percentage points to GDP growth.Government spending declined for the third consecutive quarter. Spending fell 0.4% in Q2 2013 with the entire decline coming from a 1.5% drop in federal spending. State and local government spending rose 0.3%, its first quarterly increase since rising 0.6% in Q2 2012.
Read more: http://briefing.com/investor/analysis/story-stocks/economic-growth-unexpectedly-accelerates-in-the-second-quarter.htm#ixzz2ahRjEoD6
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