The third reading on US growth in Q2

  • The second reading was +1.1%
  • Initial estimate was +1.2%
  • Economist estimates ranged from +0.9% to +1.7%

The second quarter is something close to ancient history at this point.

Details:

  • Personal consumption 4.3% vs 4.4% in second reading
  • GDP price index 2.3% vs 2.3% in second reading
  • Core PCE q/q 1.8% vs 1.8% in second reading
  • Exports +1.8% vs +1.2% in second reading
  • Imports +0.2% vs +0.3% in second reading
  • Business investment in structures -2.1% vs -8.4% in second reading
  • Business inventories -$9.5B vs -$12.4B in second reading
  • GDP ex motor vehicles +1.2% vs +1.0% in second reading
  • Home investment -7.7% (unchanged)

The upward revision is largely trade-related, inventory related and due to the big swing in business investment in structures.