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.
