The revised Q2 GDP figures are out (pdf). Basically the GDP is the same as the advanced released stated, a 1% decrease. (negative 1%)

The decrease in real GDP in the second quarter primarily reflected negative contributions from private inventory investment, nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment, and exports that were partly offset by positive contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.

So, as noted in the advanced Q2 2009 GDP post, one can see that increased government spending and the massive drop in imports is what kept the GDP figures from being lower. Imports dropped -15.1% whereas exports dropped -5%. The exports - imports figure added 1.60% to overall Q2 GDP. Note, both are decreased.

Recall, the basic GDP equation is: GDP = private consumption + gross investment + government spending + (exports − imports).

What is most amazing is how corporate profits are up, which implies they have been slashing and burning their costs and as usual, implies employees (ex-employees, check out table 13) got the shaft on income.

Domestic profits of financial corporations increased $39.7 billion in the second quarter, compared with an increase of $115.9 billion in the first. Domestic profits of nonfinancial corporations increased $28.4 billion in the second quarter, in contrast to a decrease of $40.2 billion in the first. In the
second quarter, real gross value added of nonfinancial corporations decreased, and profits per unit of real value added increased. The increase in unit profits reflected decreases in unit labor and nonlabor costs that more than offset a decrease in unit prices.

Now here is a scary number, picked up on by EconomPicData.

Gross private domestic investment is down -24.5% in Q2 2009. It's contribution to Q2 2009 GDP was -3.2% and drop in private inventories was -1.39% as a component of Q2 GDP.

That's the in the above GDP equation, investments for future growth and it's like the U.S. economic future is simply gettin' no love. As EconomPicData notes:

Twelve years of growth in investment gone? What is happening?

I borrowed this graph created by EconomPicData ( very nice economic eye candy indeed!), who ran the GDP Excel tables and created the below colorful visual display on Q2 2009 GDP component breakdown.

^{Src: EconomPicData, Click on the graph to enlarge and zoom}

Finally, I want to say to all of those jumping the business cycle gun and declaring the recession over. Even for a technical recovery one must have positive GDP growth for at least two quarters. This happy dance is getting a little too ridiculous when one does not even have the data yet.