Global| Jul 27 2007US 2Q07 GDP Above Expectations
by:Tom Moeller
|in:Economy in Brief
Summary
U.S. real GDP grew 3.4% (AR) last quarter. It was both the fastest growth since 1Q06 and exceeded Consensus expectations for a 3.2% rise. The estimates released today reflect the annual revision to the national income & product [...]
Somewhat faster inventory accumulation added 0.2 percentage points to 2Q GDP after subtracting from GDP during the prior two quarters.
The GDP chain price index rose 2.7% versus expectations for a 3.4% rate of gain. Growth in the PCE chain price index rose to 4.3% (2.3% y/y) due to a 10.0% jump in nondurables boosted by higher fuel costs. Less food & energy the PCE chain price index grew 1.4% (2.0% y/y), its slowest rate of increase since 2003.
| Chained 2000$, % AR | 2Q 2007 | 1Q 2007 | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| GDP | 3.4% | 0.6% | 1.8% | 2.9% | 3.1% | 3.6% |
| Inventory Effect | 0.2% | -0.7% | -0.7% | 0.1% | -0.2% | 0.3% |
| Final Sales | 2.2% | 1.9% | 3.5% | 2.8% | 3.3% | 3.3% |
| Foreign Trade Effect | 1.6% | -0.2% | 0.8% | 0.1% | 0.0% | -0.5% |
| Domestic Final Demand | 1.7% | 1.6% | 1.7% | 2.7% | 3.3% | 3.8% |
| Chained GDP Price Index | 2.7% | 4.2% | 2.7% | 3.2% | 3.2% | 2.9% |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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