Bloomberg details:
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 1.3 percent in the second quarter of 2011, (that is, from the first quarter to the second quarter), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.4 percent.
The acceleration in real GDP in the second quarter primarily reflected a deceleration in imports, an upturn in federal government spending, and an acceleration in nonresidential fixed investment that were partly offset by a sharp deceleration in personal consumption expenditures.
Source: BEA
deceleration in imports, sharp deceleration in personal consumption expenditures...
ReplyDeleteKeep an eye on retail stocks. The affluent consumer still has dollars to spend, but retailers catering to the middle class / lower income consumer should face significant challenges.
See What Can a HOG Teach Us About Consumer Spending