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August 25, 2022US GDP 2022 Q2 (SECOND ESTIMATE) 
Today, the Bureau of Economic Analysis released the second estimate of Q2 2022 US Real Gross Domestic Product (GDP).
US real GDP was estimated to have declined 0.6% (seasonally adjusted annualized rate) in Q2 2022, improving on the 0.9% decline made last month with advanced estimate. This quarter's growth follows on a 1.6% decline the previous quarter. US real GDP exceeded pre-pandemic (Q4 2019) levels by 2.6% in Q2 2022.
The decrease in real GDP reflected in decreases in private inventory investment, residential fixed investment, government spending as well as rising imports. Exports and household consumption grew in the quarter.
Lower private inventory investment was led by decreases retail trade (general merchandise). The decline in residential investment was impacted by lower brokers' commissions, a signal of activity in resale market. Sales of crude oil from Strategic Petroleum Reserve contributed to a decrease in nondefense Federal spending, that was offset as the crude oil sales adds into private inventories. Non-residential fixed investment was essentially unchanged with declines in structures and equipment offset by higher intellectual property products.
Personal consumption expenditures were revised up to 1.5%. Consumption expenditures reflected increase in services that was led by food services, accommodation and other services. Goods consumption was down 2.4% with most of decrease in nondurable goods.
Exports were up in goods (led by industrial supplies and materials) and services (led by travel).
Current-dollar GDP increased 8.4% at an annualized rate, following on 6.6% reported in Q1 2022. The personal consumption expenditure price index increased 7.1% (unrevised) in Q2 2022, the same rate as Q1. Excluding food and energy prices, personal consumption expenditure prices increased 4.4% in Q1 2022 compared to 5.2% in Q4 2021.
Source: US Bureau of Economic Analysis, retrieved from FRED, Federal Reserve Bank of St. Louis
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