U.S. GDP Up 3.3 Percent Last Quarter
Posted on: Wednesday, 31 August 2005, 12:00 CDT
The U.S. gross domestic product rose in the second quarter at a yearly rate of 3.3 percent, a bit less than expected, the Commerce Department said Wednesday.
The government's measure of the output of goods and services produced by labor and property located in the United States had been expected to rise by 3.4 percent, annualized.
In the first quarter the GDP rose 3.8 percent.
The department cited personal computer sales to students and vehicle purchases as factors in the GDP's rise.
The major contributors to the increase in real GDP in the second quarter were personal consumption expenditures, exports, equipment and software, residential fixed investment, and government spending, the Commerce Department said in a statement.
The contributions of those components were partly offset by a drop in private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
Source: United Press International
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