Updated: 26-Aug-26 10:12 ET
| Q2 GDP-Adv. |
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| Updated: 26-Aug-26 10:12 ET |
Highlights
- The second estimate of Q2 GDP showed no revision from the advance estimate of 1.5% (Briefing.com consensus 1.5%).
- The GDP Chain Deflator was revised up to 6.4% (Briefing.com consensus 6.3%) from 6.3% in the advance estimate.
Key Factors
- Personal consumption expenditures increased 3.4%, up from 3.2% in the advance estimate. The PCE component contributed 2.25 percentage points to real GDP growth in the second quarter, up from 2.12 in the advance estimate.
- Gross private domestic investment was up 3.0% versus up 3.0% in the advance estimate. Gross private domestic investment contributed 0.50 percentage points to growth in the second quarter, down slightly from 0.53 in the advance estimate.
- Exports were up 4.8%, revised from up 4.5% in the advance estimate. Imports were up 11.7%, revised up from 11.5% in the advance estimate. Net exports subtracted 1.30 percentage points from growth in the second quarter, up from the advance estimate, which showed a 1.01 point subtraction.
- Government spending decreased 0.8%, unchanged from the advance estimate. Government spending subtracted 0.14 percentage points from growth in the second quarter, unchanged from the advance estimate.
- Real final sales of domestic product, which excludes the change in private inventories, increased 2.2%, unchanged from the advance estimate.
- Real final sales to private domestic purchasers increased 4.2%, up from a 3.9% increase in the advance estimate.
- The PCE Price Index increased 5.3%, up from 5.1% in the advance estimate, while the core PCE Price Index, which excludes food and energy, increased 3.6%, up from 3.4% in the advance estimate.
Big Picture
- The key takeaway from the report is that the overall growth reading held steady as an upward revision to real final sales to private domestic purchasers (to 4.2% from 3.9%) offset a higher drag from imports.
| Category | Q2 | Q1 | Q4 | Q3 | Q2 |
| GDP | 1.5% | 2.1% | 0.5% | 4.4% | 3.8% |
| Inventories (change) | -$53.1B | -$16.7B | -$15.6B | -$23.9B | -$18.3B |
| Final Sales | 2.2% | 1.9% | 0.3% | 4.5% | 7.5% |
| PCE | 3.4% | 0.5% | 1.9% | 3.5% | 2.5% |
| Nonresidential Inv. | 8.5% | 10.6% | 2.4% | 3.2% | 7.3% |
| Structures | -1.8% | -4.7% | -6.5% | -5.0% | -7.5% |
| Equipment | 13.6% | 15.8% | 4.3% | 5.3% | 8.5% |
| Intellectual Property | 8.8% | 13.8% | 5.4% | 5.6% | 15.0% |
| Residential Inv. | 1.3% | -7.8% | -1.7% | -7.1% | -5.1% |
| Net Exports | -$1083.7B | -$1001.8B | -$968.7B | -$955.5B | -$1058.0B |
| Export | 4.5% | 10.9% | -3.2% | 9.6% | -1.8% |
| Imports | 12.5% | 11.8% | -1.0% | -4.4% | -29.3% |
| Government | -1.0% | 4.4% | -5.6% | 2.2% | -0.1% |
| GDP Price Index | 6.4% | 3.6% | 3.7% | 3.8% | 2.1% |
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