Coming up today (US time) the U.S. Commerce Department releases second-quarter gross domestic product revisions
- 1230GMT
- This is the second estimate of second-quarter gross domestic product
- Original estimate had +4.1%
- Median consensus for this updated look is at a revised 4.0% annual rate
Preview via Nomura:
- Based on our past-quarter GDP tracking estimate, we forecast 4.0% q-o-q saar for the second estimate of Q2 real GDP growth
- Incoming data since the BEA's advance estimate reaffirmed strong growth in Q2. Data on business equipment spending, changes in private inventories, and both imports and exports were slightly weaker than the BEA's advance estimates, but advance Quarterly Services Survey suggest slightly better consumer spending on services and business investment in intellectual properties during the quarter.
- Altogether, the net impact on real GDP growth was likely a downward revision of 0.1pp to 4.0% from the BEA's initial estimate.
Via NAB:
- second estimate of Q2 GDP … expected to show annualised growth of 4%, similar to the 1st estimate of 4.1%
- the Atlanta Fed's GDP Now estimate for Q3 is currently sitting at 4.3%
