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August 26, 2016US GDP 2016 Q2 (SECOND ESTIMATE) 
In the second quarter of 2016, the US economy grew at an annualized rate of 1.1 per cent, revised down slightly from the 1.2 per cent reported in the advance estimate. This was higher than the revised estimate of 0.8 per cent for the first quarter, reversing the trend of slowing US economic growth over the three previous quarters. The general picture of economic growth in the revised estimate for the second quarter was very similar to that of the advanced estimate. In the revised results ($2009 chained, seasonally adjusted at annualized rates):
Downward revisions:
- State and local government spending declined by 2.2 per cent in real terms, a larger decline than 1.3 per cent in the advance estimate.
- Federal government spending declined by 0.3 per cent, a slightly larger decline than 0.2 per cent from the advanced estimate.
- Private inventory investment slowed in the second quarter, more than originally estimated.
- Imports grew by 0.3 per cent, compared to a decline of 0.4 per cent in the advanced estimate.
- exports grew by 1.2 per cent, lower than the 1.4 per cent from the advanced estimates.
- Residential fixed investment declined by 7.7 per cent in real terms, compared to a decline of 6.1 per cent in the advance estimate.
Upward revisions:
- Nonresidential fixed investment declined by 2.5 per cent, a smaller decline than the 3.2 per cent in the advanced estimate.
- Personal consumer expenditures grew at a real pace of 4.4 per cent, up from 4.2 per cent in the advanced estimate.
The Bureau of Economic Analysis also reported that US corporate profits declined by $24.1 billion (-4.7 per cent) to $2,009 billion, seasonally adjusted at annualized rates. This marks the fifth US quarterly profit decline in the six quarters since the start of 2015.
Source: Press release - US Bureau of Economic Analysis; Second and Advance estimate comparions