2nd Qtr GDP - the Real Story

Not quite so many green shoots when you look under the covers:

GDP Total: -1.0%
Personal Consumption: -1.2%
Durable Goods: -7.1%
Investment: -20.4%
Nonresidential: -8.9%
Residential: -29.3%
Net Exports: +40.6%
Exports: -7%
Imports: -15%
Government: +5.6%
Federal: +10.9%
State and Local: +2.4%

Looking at how these items affected the overall GDP change, when we consider increased government spending and the reduction in imports those alone account for a +3.3% change in GDP. In contrast, all other productive activity experienced a drop of 4.5%.

Source: BEA

Calculations here.

Here's a comparison of the annualized % change in GDP 1Q to 2Q vs. the change 4Q08 to 1Q09:

Sector	2Q Chg	1Q Chg
Gross domestic product	-1.0%	-6.4%
Personal consumption expenditures	-1.2%	0.6%
Goods	-4.0%	2.5%
Durable goods	-7.1%	3.9%
Nondurable goods	-2.5%	1.9%
Services	0.1%	-0.3%
Gross private domestic investment	-20.4%	-50.5%
Fixed investment	-13.5%	-39.0%
Nonresidential	-8.9%	-39.2%
Structures	-8.8%	-43.6%
Equipment and software	-9.0%	-36.4%
Residential	-29.3%	-38.2%
Net exports of goods and services	-40.6%	-54.6%
Exports	-6.9%	-29.9%
Goods	-9.3%	-36.9%
Services	-2.3%	-13.6%
Imports	-15.1%	-36.4%
Goods	-15.9%	-41.0%
Services	-11.6%	-11.5%
Government consumption expenditures     and gross investment	5.6%	-2.6%
Federal	10.9%	-4.3%
National defense	13.3%	-5.1%
Nondefense	5.9%	-2.4%
State and local	2.4%	-1.6%