by Sarah Curry
Director of Fiscal Policy Studies
The Bureau of Economic Analysis reported today that the nation’s real gross domestic product (the output of goods and services produced by labor and property located within the US) increased at an annual rate of 4 percent in the second quarter of 2014. There is more detail work that needs to be done, but this is being reported as a first look or ‘advance’ estimate.
According to the report, the increase was the result of from growth in the following areas: personal consumption spending, private inventory investment, exports, nonresidential fixed investment, state and local government spending, and residential fixed investment. The first quarter of 2014 saw a 2.1 percent contractions in real GDP.