Revised data show real gross domestic product fell at a 0.6 percent annualized rate in the second quarter versus a 1.6 percent rate of decline in the first quarter (see first chart). The advance estimate had shown a 0.9 percent decline. Over the past four quarters, real gross domestic product is up 1.7 percent.
Real final sales to private domestic purchasers, a key measure of private domestic demand, have shown greater resilience. Revised estimates show it rose 0.2 percent in the second quarter following a 3.0 percent pace of increase in the first quarter (see first chart). Over the last four quarters, real final sales to private domestic purchasers are up 1.8 percent.