Real gross domestic product (GDP) decreased at an annual rate of 0.6 percent in the second quarter of 2022 (table 1), according to the “third” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 1.6 percent (same as previously published).

The “third” estimate of GDP released today is based on more complete source data than were available for the “second” estimate issued last month. In the second estimate, the decrease in real GDP was also 0.6 percent. The update primarily reflected an upward revision to consumer spending that was offset by a downward revision to exports. Imports, which are a subtraction in the calculation of GDP, were revised down …

Disposable personal income increased $253.3 billion, or 5.7 percent, in the second quarter, a downward revision of 0.8 percentage point from the previous estimate. Real disposable personal income decreased 1.5 percent, a downward revision of 0.9 percentage point.