The BEA released the advance estimate of second quarter GDP growth today: the good news is that US output grew at a 2.3% annual rate in the period - a healthy, though unspectacular, pace. The growth was largely driven by consumption (about 70% of GDP), which grew at a 2.9% rate. Also, the BEA revised up its estimate of growth in first quarter to an 0.6% rate, from -0.2% in the previous release.
The more disappointing news came in the "annual revision" of estimates for 2012-2014 which were included in today's release. The new estimates indicate that the agonizingly slow recovery has been a little more sluggish than we previously thought - GDP growth was revised downwards 0.1pt for 2012 and 0.7pt for 2013.
This release also had an interesting wrinkle: the BEA is also now releasing the average of the standard expenditure-based GDP figure and the income-based measure (which it calls Gross Domestic Income). In principle, they should be the same, but, in practice, there is usually a "statistical discrepancy." This issue brief from the Council of Economic Advisors explains why the average - which its calling "Gross Domestic Output" (we'll see if that sticks...) might be a better indicator.