Market Review, September 2013

Publication Date: 

October 2013


Second quarter U.S. real GDP growth was unchanged at 2.5% according to the third and final estimate from the Bureau of Economic Analysis, below the consensus estimate of 2.7%. The increase in real GDP during the second quarter primarily reflected positive contributions from personal consumption expenditures (PCE), fixed investment, and private inventory investment that were partly offset by a negative contribution from federal government spending. Second quarter growth was more than double the 1.1% growth rate of the first quarter, but was sluggish compared to historical growth rates. The economic expansion following the 2007-2009 recession is the weakest of the post-second World War era.