Updated: 29-Aug-24 09:29 ET
| Q2 GDP-Adv. |
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| Updated: 29-Aug-24 09:29 ET |
Highlights
- The second estimate for Q2 GDP was revised up to 3.0% from the preliminary estimate of 2.8% on the back of an upward revision to consumer spending.
- The GDP Deflator was revised up to 2.5% from 2.3%.
Key Factors
- Personal consumption expenditure growth increased 2.9% versus the preliminary estimate of 2.3%. PCE contributed 1.95 percentage points to growth.
- Gross private domestic investment was up 7.5% versus the preliminary estimate of 8.4%. Gross private domestic investment contributed 1.31 percentage points to growth.
- Exports increased 1.6% versus the preliminary estimate of 2.0%. Imports rose 7.0% versus the preliminary estimate of 6.9%. Net exports subtracted 0.77 percentage points from growth.
- Government spending rose 2.7% versus the preliminary estimate of 3.1%. Government spending contributed 0.46 percentage points to growth.
- Real final sales of domestic product, which excludes the change in private inventories, increased 2.2% versus the preliminary estimate of 2.0%.
- The personal savings rate as a percentage of disposable personal income was 3.3% versus the preliminary estimate of 3.5%.
- The PCE price index increased 2.5% versus the preliminary estimate of 2.6%. The core PCE price index, which excludes food and energy, increased 2.8% versus the preliminary estimate of 2.9%.
Big Picture
- The key takeaway from the report is that consumer spending (+2.9%) was solid in the second quarter, exceeding the prior eight quarter average of 2.2%.
| Category | Q2 | Q1 | Q4 | Q3 | Q2 |
| GDP | 3.0% | 1.4% | 3.4% | 4.9% | 2.1% |
| Inventories (change) | $69.0B | $28.6B | $54.9B | $77.8B | $14.9B |
| Final Sales | 2.2% | 1.8% | 3.9% | 3.6% | 2.1% |
| PCE | 2.9% | 1.5% | 3.3% | 3.1% | 0.8% |
| Nonresidential Inv. | 4.6% | 4.4% | 3.7% | 1.4% | 7.4% |
| Structures | -1.6% | 3.4% | 10.9% | 11.2% | 16.1% |
| Equipment | 10.8% | 1.6% | -1.1% | -4.4% | 7.7% |
| Intellectual Property | 2.6% | 7.7% | 4.3% | 1.8% | 2.7% |
| Residential Inv. | -2.0% | 16.0% | 2.8% | 6.7% | -2.2% |
| Net Exports | -$1010.2B | -$960.3B | -$918.5B | -$930.7B | -$928.2B |
| Export | 1.6% | 1.6% | 5.1% | 5.4% | -9.3% |
| Imports | 7.0% | 6.1% | 2.2% | 4.2% | -7.6% |
| Government | 2.7% | 1.8% | 4.6% | 5.8% | 3.3% |
| GDP Price Index | 2.5% | 3.1% | 1.6% | 3.6% | 1.7% |
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