I often carp on HousingWire's lesser competitors (New York Times, Forbes, CNBC, etc.) because they keep finding bad economic reports so "unexpected."
Well, today's upward GDP revision was, for me, "unexpected" -- but instead of egg on my face I'm keeping my promise from yesterday to do the ice bucket challenge with tomato soup.
Real gross domestic product – the output of goods and services produced by labor and property located in the United States – increased at an annual rate of 4.2% in the second quarter of 2014, according to the second estimate released by the Bureau of Economic Analysis Thursday morning.
In the first quarter, real GDP decreased 2.1%.
In the advance estimate, the second quarter increase in real GDP was 4%.
The final estimate will not be published until September 26.
With this second estimate for the second quarter, the general picture of economic growth remains the same; the increase in nonresidential fixed investment was larger than previously estimated, while the increase in private inventory investment was smaller than previously estimated, the government says.
Yes, I'm very suspicious that all the "unexpected" upward revision came from nonresidential fixed investments, for which they won't provide the raw data until the final revision come September 26.
But I'm a man of my word.
So I'm writing a check to the ALS foundation (I still can't believe the astronomical odds that a man named Lou Gehrig would actually catch Lou Gehrig's disease) and here's my video.