The Bureau of Economic Analysis released the Gross Domestic Product figures for the second quarter today. Real GDP, adjusted for inflation, rose by an annualized rate of 1.88% in the second quarter 2008 compared to the first quarter 2008. The first quarter grew by a revised 0.87%. Fourth quarter 2007 was revised down to -0.17% down from the previously announced figure of +0.60%. December 2007 could be considered the start of the recession.
Adjusted for both inflation and population, Real per capita GDP fell at an annualized rate of 1.19% in the fourth quarter 2007. It barely rose by 0.02% in the first quarter 2008 and rose by 1.00% in the second quarter. While inflation is making the headlines with rising food and gas prices, the price deflators used to calculate GDP went down to 1.1% in the second quarter from 2.6% in the first quarter. The monthly increases in Core CPI for the second quarter averaged an annualized rate of 2.33% and CPI averaged a whopping 7.66%.
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