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NATIONAL ECONOMIC UPDATE Real gross domestic product increased at a slower pace of 1.7 percent in the second quarter of 2012, according to the Bureau of Economic Analysis (BEA). Exports picked up, mainly driven by upturns in industrial supplies and materials and in foods, feeds, and beverages. Business investment decelerated; lower spending for power and communication structures was the largest contributor to the slowdown. In contrast, industrial equipment increased after a first - quarter decline. National Gross Domestic Product (GDP) • In the second quarter of 2012, real GDP, the output of goods and services, produced by labor and property located in the United States, increased at an annual rate of 1.7 percent, according to the "second" estimate released by the Bureau of Economic Analysis. • Federal government spending, state and local government spending, and inventory investment decreased less ] in the current quarter compared to the first quarter estimates. Manufacturing and Foreign Trade • New orders for manufactured durable goods in July increased $9.4 billion or 4.2 percent to $230.7 billion, according to the U.S. Census Bureau. • Foreign trade slowed in July, according to BEA. Total exports of $183.3 billion and imports of $225.3 billion resulted in a goods and services deficit of $42.0 billion, up from a revised $41.9 billion in June. • July exports were $1.9 billion less than June exports of $185.2 billion. July imports were $1.8 billion less than June imports of $227.1 billion. Personal Income & Consumer Spending • Personal income increased $42.3 billion, or 0.3 percent, and disposable personal income (DPI) increased $39.9 billion, or 0.3 percent. • In July, personal consumption expenditures (PCE) increased $46.0 billion, or 0.4 percent. The Consumer Price Index The Consumer Price Index reported that prices remained stable in July, which was unchanged in July on a seasonally adjusted basis, according to the U.S. Bureau of Labor Statistics (BLS). Over the last 12 months, the all items index increased 1.4 percent before seasonal adjustment. The energy index, which includes items like gasoline, fell 0.3 percent in July after a 1.4 percent decline in June. For more information please contact Tim Aylor, Economist, Labor & Economic Analysis Division at Timothy.Aylor @nccommerce.com Previous Monthly Overviews are available on Commerce's website by clicking here or at the link below: h ttp://www. nccommerce. com /en /AboutDOC/ Publ icationsReports/ EconomicDeve /opmentReportsIMonth/y0verview. htm Labor & Economic Analysis Division; August M14r j3ptnber 1 1 -1 Page 152