Monthly GDP rose 5.0% in June following a 4.4% increase in May. The back-to-back increases followed back-to-back declines over March and April that lowered GDP a cumulative 15.3%; the increases over May and June reversed about one-half of that decline. About two-thirds of the June increase was accounted for by personal consumption expenditures. Other important contributors included nonfarm inventory investment, net exports, and the portion of monthly GDP not covered by the monthly source data. The level of GDP in June was 20.4% above the second-quarter average at an annual rate; i.e., zero growth of