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U.S. GDP growth in Q2 fell short of expectations, increasing at an annual rate of 6.5%, the Bureau of Economic Analysis said Thursday, when forecasters had anticipated an annualized gain of 8.5%. First quarter GDP was revised down slightly to 6.3% from 6.4%.
The increase mostly reflects increases in PCE (+11.8%), nonresidential fixed investment (+8%), exports (+6%), and state and local government spending (+0.8%) that was at least partially offset by declines in residential fixed investment (-9.8%) and federal government spending (-5%).
Meanwhile, the GDP price index was up 5.7% in Q2 following a smaller 3.9% increase in Q1. The PCE price index increased 6.4% compared with an increase of 3.8% in Q1. Excluding food and energy prices, the PCE price index was up 6.1% after growing 2.7% in Q1.