US Q2 GDP second estimate +3.0% vs +2.8% expected

• Advance Q2 reading was +2.8% annualized
• Final Q1 reading was +1.4% annualized

Details:

• Consumer spending +2.9% vs +2.0% advance
• Consumer spending on durables+4.9%
• GDP final sales 2.2% vs +2.0% advance
• GDP deflator +2.5% vs +2.3% advance
• Core PCE +2.8% vs +2.9% advance
• Business investment +4.6% vs +5.2% advance
• PCE services inflation excluding energy and housing 2.3% vs 3.3% advance
• Corporate profits prelim +1.7% vs -2.7% prior

Contributors and subtrators to the 3.0% growth:

• Consumption: +1.95% (vs +1.57% advance, last quarter +0.98%)
• Government: +0.46% (vs +0.53% advance, last quarter +0.31%)
• Net International Trade: -0.77% (vs -0.72% advance, last quarter -0.65%)
• Inventories: +0.78% (vs +0.82% advance, last quarter -0.42%)

This article was written by Adam Button at www.forexlive.com.