US GDP Beats Forecast, Grows 2.2 Percent in Q2 After Upward Revision
The third estimate from the US Bureau of Economic Analysis (BEA) put GDP growth 0.7 percentage points above the second estimate. The BEA attributed the upgrade mainly to stronger investment, consumer spending and government spending.
Consumer spending, investment and exports drove the second-quarter gain. Imports, which are deducted when GDP is calculated, rose.
By sector, real value added grew 2.5% in private services-producing industries and 2.3% in private goods-producing industries. Government growth was below 0.1%.
The BEA said: “The leading industry contributors to the increase in real GDP were real estate and rental and leasing, information, durable goods manufacturing, and finance and insurance.
“The leading offsets were decreases in transportation and warehousing, retail trade, and nondurable goods manufacturing.”
Inflation readings were revised lower. The personal consumption expenditures (PCE) price index rose 5%, down 0.3 percentage points from the prior estimate. The PCE index excluding food and energy rose 3.3%, also revised down 0.3 percentage points, the BEA added.
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