The second estimate of GDP growth for the fourth quarter came out yesterday, and it couldn't have been less "revised." Total growth reported by the Bureau of Economic Analysis in its second estimate was decreased by all of 2 basis points. to 1.86 percent versus 1.88 percent in the first estimate.
There were some interesting trends beneath that headline number, though. Consumption was more than the entirety of the growth in this estimate, adding 2.05 percent, up from 1.70 percent in the advance estimate. That's primarily thanks to upward revisions in motor vehicles and gasoline as well as food.
Upward revisions to health care services spending also added 0.48 percent to growth versus the first estimate of GDP. On the down side, investment’s contribution to total growth was revised down by 0.22 percent.
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