BEA News: Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary), Second Quarter 2022

August 25, 2022 from the Bureau of Economic Analysis

The U.S. Bureau of Economic Analysis (BEA) has issued the following news release today:

Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022, following a decrease of 1.6 percent in the first quarter. The second-quarter decrease was revised up 0.3 percentage point from the “advance” estimate released in July. The smaller decrease in the second quarter, compared to the first quarter, primarily reflected an upturn in exports and a smaller decrease in federal government spending. Profits increased 6.1 percent at a quarterly rate in the second quarter after decreasing 2.2 percent in the first quarter.

The full text of the release can be found at: www.bea.gov/news/2022/gross-domestic-product-second-estimate-and-corporate-profits-preliminary-second-quarter.