Highlights of the second reading of the US GDP report

  • First reading was 2.6%
  • Personal consumption 4.2%
  • First reading on personal consumption was 4.3%
  • GDP sales 2.1% vs 1.6% exp
  • Inventories add 0.12 percentage points to GDP
  • US GDP ex-motor vehicles +2.9% vs +3.5% previously
  • Exports +3.2% vs +2.8% previously
  • Imports +10.1% vs +8.9% previously
  • Business investment in structures +5.0% vs +2.6% previously

Inflation:

  • Core PCE 1.1% vs 1.1% exp
  • GDP deflator 0.1% vs 0.0% exp

Nothing immediately jumps out. Trade was a bit stronger and vehicles added less to GDP than believed and that's a good sign for growth last year and going forward.