Second-Quarter GDP Growth Less Than Previously Reported

Sept. 28, 2006
Adjusted for inflation, the U.S. economy grew at an annual rate of 2.6% from April through June, three-tenths of a percentage point less than its most recent estimate, the U.S. Commerce Department reported on September 28. It was the department's third ...

Adjusted for inflation, the U.S. economy grew at an annual rate of 2.6% from April through June, three-tenths of a percentage point less than its most recent estimate, the U.S. Commerce Department reported on September 28.

It was the department's third and final accounting for second-quarter GDP. The department initially reported growth at a 2.5% annual rate and, about a month ago, revised that upward to 2.9%.

A downward revision in private-sector inventories, an upward revision in imports of services and a downward revision in residential fixed investment were responsible for the lower final figure, the department said.

In its most recent forecast, New York-based Merrill Lynch & Co. figured third-quarter 2006 GDP growth at 1.7% and fourth-quarter growth at 2%. Waltham, Mass.-based Global Insight estimates third-quarter growth at 2.4% and fourth-quarter growth at 1.8%.

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