US Q2 GDP (third reading) 4.6% vs 4.6% expected
Highlights of the third estimate of US Q2 GDP from the US Bureau of Economic Analysis:
- Largest rise since Q4 2011
- The second reading of GDP was previously revised to 4.2% from 4.0%
- Consumption 2.5% vs 2.9% exp
- Prior consumption was +2.5%
- Durables +14.1% vs +14.3% prior
- Business investment +9.7% vs +8.4% prior
- Home investment +8.8% vs +7.2% prior
- Business investment in structures +12.6% vs +9.4% prior
Trade:
- Exports +11.1% vs +10.1% prior
- Imports +11.3% vs +11.0% prior
On the inflation side:
- Core 2.0% vs 2.0% exp
- Prior core PCE was 2.0%
- GDP deflator 2.1% vs 2.1% exp
- Prior GDP deflator was 2.2%
Inventories and corporate profits:
- Inventories +$84.8B vs +$83.9B prior
- Inventories added 1.42 percentage points to GDP
- Corporate profits up 8.6% vs 8.3% prior