The Commerce Department's Bureau of Economic Analysis reported the US economy on snooze control with only a 1.3% increase in the second quarter 2011 Gross Domestic Product (the output of goods and services produced by US labor and property) -- better than first quarter's 0.4% increase, but small enough to bring the idea of a double-dip recession back into play. The total current-dollar GDP (the market value of the nation's output of goods and services) increased 3.7% ($136.0 billion) in the second quarter to $15.004 trillion.
The price index for gross domestic purchases, which measures prices paid by US residents, increased 3.2% in the second quarter, compared with an increase of 4.0% in the first. Excluding food and energy prices, the price index for gross domestic purchases increased 2.6% in the second quarter, compared with an increase of 2.4% in the first.
Exports, although slowing, proved to be the bright spot. Real exports of goods and services increased 6.0% in the second quarter, compared with an increase of 7.9% in the first. Real imports of goods and services increased 1.3%, compared with an increase of 8.3%, so the US balance of trade improved.
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