The first revision to real gross domestic product (GDP) for the second quarter was reported Thursday morning. The first estimate reported a sharp increase in real GDP of 4.0%, which was up from the first quarter when GDP decreased by 2.1%.

When the first GDP report for the second quarter was released, there was an expected gain of about 3.1%. The revision came in at 4.2%, just above the Bloomberg estimate of 4.0%, while Dow Jones had pegged the estimate at 3.8%.

Even with this slight increase in the GDP estimate, the big economic picture remains basically unchanged. It would appear that most economists are not second-guessing the number going forward and that the future revision will remain in this range.

Corporate spending and profits had a big effect on this revision. Corporate spending increased $154.9 billion in the second quarter compared to a decrease of $201.7 billion in the first.

Real nonresidential fixed investment increased 8.4% in the second quarter, which leaped over the first quarter’s 1.6% posting.

Exports of goods and services increased 10.1%, compared to the decrease of 9.2% in the first quarter.

The GDP price index rose 2.1%, which is just above the estimate of 2.0%. The GDP price index remains relatively unchanged from the previous estimate.

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