US Q2 GDP (third reading) 6.7% vs 6.6% expected

The final look at second quarter GDP

• The advance reading on Q2 was 6.5%
• The second reading was 6.6%
  
• Q1 was 6.4% annualized
• 2020 GDP was -3.4%
  
• Personal consumption +% vs +11.9% second reading
  
• GDP price index +6.2% vs +6.1% second reading
• Core PCE +6.1% vs +6.1% expected
• GDP final sales +8.1% vs +7.9% second reading

The first look at Q3 GDP will be released at the end of October. We get the latest PCE data tomorrow.

Details:

• Inventories cut 1.26 pp from GDP vs -1.30 pp in second reading
  
• Inventories cut -2.62 pp in Q1
  
• Business investment 9.2% vs 9.3% second reading
  
• Business investment in equipment +12.1% vs +11.6% second reading
  
• Exports  +7.6% vs +6.6% second reading
  
• Imports +7.1% vs +6.7% second reading
• Trade was a 0.18 pp drag vs -0.24 pp in second reading
  
• Home investment -11.7% vs -11.5% second reading
• Consumer spending on durables +11.6% vs +11.3% second reading
  
• Personal consumption to pp GDP added 7.92 pp to GDP
• Government spending cut 0.36 pp vs -0.33 pp in second reading
• Full report

The improvement in trade was largely behind the upward revision to the data.

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October 01, 2021 at 12:30AM
Adam Button
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