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Q2 GDP -31.4%; PCE -33.2%

US DATA
  • U.S. GDP fell at an annualized rate of 31.4% in Q2, above expectations for an unrevised 31.7% drop, according to figures released Wednesday by the Bureau of Economic Analysis.
  • The upward revision in the third estimate was mostly a reflection of an upward revision to PCE, the BEA said, which was partially offset by downward revisions to exports and nonresidential fixed investment.
  • Q2 PCE fell by 33.2% in the third estimate (prev -34.1%), while nonresidential fixed investment declined 27.2% in the third estimate after falling by 26% in the second estimate. Exports were down 64.4% (prev -63.2%).
  • Overall, the decrease in Q2 GDP reflected declines in PCE, exports, nonresidential fixed investment, private inventory investment, and state and local government spending. That was partially offset by an increase in federal government spending, the BEA said.
  • The Q2 GDP price index was down 1.4% in the third estimate, while the PCE price index fell 1.6%. Excluding food and energy, the PCE price index dropped 0.8%.