Highlights of the second quarter GDP report
- Q1 GDP was 3.1% q/q annualized
- Q4 was 2.2% (revised to 1.1%)
- GDP y/y +2.3% vs +2.7% prior
- 2018 GDP unrevised at +2.9%
Details:
- Personal consumption 4.3% vs 4.0% exp (fastest since Q2 2017)
- Prior personal consumption +0.9% (revised to +1.1%)
- Consumer spending on durables +12.9% vs +0.3% prior
- Business investment -0.6% vs +4.4% prior (first contraction since 2016)
- Home investment -1.5% (6th consecutive contraction)
- Exports -5.2%
- Imports +0.1%