FIVE KEY POINTS IN TODAY’S REPORT FROM THE BUREAU OF ECONOMIC ANALYSIS
1. Real gross domestic product (GDP) increased 4.0 percent at an annual rate in the second quarter of 2014, according to the advance estimate from the Bureau of Economic Analysis. The second-quarter increase in GDP follows a first-quarter decline that was slightly less steep than previously reported. In the second quarter, growth in consumer spending and business investment picked up from the previous quarter, and residential investment increased following two straight quarters of decline. Additionally, state and local government spending grew at the fastest quarterly rate in five years. However, net exports subtracted from overall GDP growth, as imports grew faster than exports. Over the last four quarters, real GDP has risen 2.4 percent.
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