Third reading: US Q2 GDP +3.1% vs +3.0% expected

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

Details:

  • 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.

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