According to the advanced estimate of gross domestic product (GDP) in the second quarter of 2016, real GDP increased at an annualized rate of 1.2 percent, following a 0.8 percent increase in the first quarter of 2016. Much of the increase was attributed to growth in consumer spending, which contributed 2.8 percentage points. Private inventory investments subtracted 1.16 percentage points from overall growth. Residential investment, nonresidential equipment, and software and nonresidential structures each subtracted roughly 0.2 percentage points.
