The third look at Q2 GDP
- First estimate was +2.6%
- Second estimate was +3.0%
- Personal consumption +3.3% vs +3.3% second estimate
- GDP price index 1.0% vs +1.0% second estimate
- Core PCE q/q +0.9% vs +0.9% second estimate
- Imports +1.5% vs +1.6% prior
- Exports +3.5% vs +3.7% prior
- Home investment -7.3% vs -6.5% prior
There’s a slight uptick in the headline, which is a bit of good news for growth. The bad news is that corporate profits after tax were revised to +0.1% from +0.8%.
Inventories added 0.12 pp to growth. Inventories rose $5.5B compared to a $1.8B second estimate.