Washington, GA, August 30, 2006--Gross domestic product for the second quarter was revised to 2.9% annualized from the earlier estimate of 2.5%, the Commerce Department said Wednesday.
Final sales were revised to 2.3% growth from 2.1%. The revisions to the second-quarter GDP were largely due to higher investments in nonresidential structures, more inventory building and higher exports, offset by lower investments in housing.
Growth in wages and salaries was revised nearly a third higher than the previous estimates. Key inflation data were revised marginally lower.
Core prices increased 2.8%, down from 2.9% reported earlier. Corporate profits increased 3.2% quarter-to-quarter, down from the 12.6% increase in the first quarter. In the past year, before-tax profits are up 20.5%
