- Annualized growth for Q2 (first reading): 3.0% (expected: 2.4%; previous: -0.5%)
Core personal consumption expenditure (PCE) index (quarterly): 2.5% (expected: 2.4%; previous: 3.5%)
Consumer spending price index: 2.1% (previous: 3.7%)
GDP deflator: 2.0 (expected: 2.2%; previous: 3.8%)
Consumption: 1.4% (expected: 1.5%; previous: 0.5%)
As expected, the largest contribution comes from net exports. This amounted to almost 5%, significantly higher than the forecasts, which indicated slightly over 4%. As expected, there was a marked decline in inventories and solid consumption, albeit slightly slower than the average for recent years: However, it should be noted that the Q1 and Q2 readings are heavily distorted by trade and inventory issues. If these factors were eliminated, growth would not have been so strong.
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