What Are You Doing Right Now? (219 Viewers)
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The base number of +2.4% came in line with most estimates, but it was in the lower range. Some were expecting +3%. But the real issue is that on a rate of change basis, the report is negative compared to Q1. That's not good news.
Real government consumption expenditures and investment increased 9.2%, national defense increased 7.4%, and nondefense spending increased 13%. State and local consumption and investment increased 1.3%. While on the other hand, computers sales only increased 0.04% in Q2, while real personal consumption expenditures increased 1.6%. So basically, the government is carrying much of this number.
Good part of the report: equipment and software investment expanded nicely.
But some of the revisions for previous numbers have been horrid. For example, personal consumption was previously reported for Q1/2010 as 2.13. Now apparently it was only 1.33%, which is like 30% off the original estimate. Seems to me that was simply a bullshit number the BEA came out with.
http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp2q10_adv.pdf
Real government consumption expenditures and investment increased 9.2%, national defense increased 7.4%, and nondefense spending increased 13%. State and local consumption and investment increased 1.3%. While on the other hand, computers sales only increased 0.04% in Q2, while real personal consumption expenditures increased 1.6%. So basically, the government is carrying much of this number.
Good part of the report: equipment and software investment expanded nicely.
But some of the revisions for previous numbers have been horrid. For example, personal consumption was previously reported for Q1/2010 as 2.13. Now apparently it was only 1.33%, which is like 30% off the original estimate. Seems to me that was simply a bullshit number the BEA came out with.
http://www.bea.gov/newsreleases/national/gdp/2010/pdf/gdp2q10_adv.pdf
