US Q2 GDP (second look) +2.1% vs +2.4% expected

<ul><li>The advance Q1 reading was +2.4%</li><li>Final Q1 <a href="https://www.forexlive.com/news/us-final-q4-gdp-26-vs-27-expected-20230330/" target="_blank">reading </a>was +2.0% annualized</li><li>Q4 was +2.6% annualized</li></ul><p>Details:</p><ul><li>Consumer spending +1.7% vs +1.6% advance</li><li>Consumer spending on durables -0.3% vs +16.3% prior</li><li>GDP final sales +2.2% vs +2.3% advance</li><li>GDP deflator +2.0% vs +2.2% advance</li><li>Core PCE +3.7% vs +3.8% advance</li><li>Exports -10.6 vs -10.8% advance</li><li>Imports -7.0% vs -7.8% advance </li><li>Business investment +3.9% vs +4.9% advance</li><li>Corporate profits -10.6% vs -5.9% advance</li></ul><p>No changes on any of the metrics were expected.</p><p>Percentage point changes:</p><ul><li>Net trade -0.12 pp vs -0.12 pp advance </li><li>Inventories -0.09 pp vs +0.14 pp advance</li><li>Govt +0.58 pp vs +0.06 pp advance</li></ul><p>State and local government spending has been a strong tailwind over the past year, adding about 0.5 pp per quarter. That should come to an end soon</p>

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