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Q2 GDP Improves More Than Expected to -31.7%; PCE -34.1%

US DATA
MNI (Washington)
  • U.S. GDP fell at an annual rate of 31.7% in Q2, an upward revision from the 32.9% decline reported in the advance estimate, according to figures released Thursday by the Bureau of Economic Analysis.
  • GDP improved by more than expected, with markets predicting an annualized decline of 32.5%. That reflected upward revisions to private inventory investment, consumer spending, exports, and nonresidential fixed investment, the BEA said.
  • Notable declines in GDP came from PCE (-34.1%), exports (-63.2%), nonresidential fixed investment (-26%), and state and local government spending (-5.5%). That was partially offset by an increase in federal spending (+17.6%), the BEA said.
  • The GDP price index fell 1.5% in Q2, unrevised from the advance estimate.
  • The PCE price index fell 1.8% in Q2, a slight upward revision after falling 1.9% in the advance estimate.
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
Energy BulletsCommodities
MNI Washington Bureau | +1 202-371-2121 | brooke.migdon@marketnews.com
Energy BulletsCommodities

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