Q2 GDP Above-Expected +2.1%, Q1 GDP Unrev...>

US DATA: Q2 GDP Above-Expected +2.1%, Q1 GDP Unrev +3.1%

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- Q2 GDP Gain Above +1.8% expected by both BBG and MNI

- Q2 core PCE prices +1.8% after rev down +1.1% Q1 (prev +1.2%); 

- Q2 core PCE prices +1.5% y/y after +1.6% in Q1, slowest since Q317

- Q2 PCE +4.3% after rev +1.1% Q1 (prev +0.9%), nonres fixed -0.6% vs +4.4% Q1

- Q2 residential invest -1.5% vs -1.0%, inventories +$71.7b after +$116.0b 

- Q2 net export gap widened to $978.7b after $944.0b Q1

- Real final sales of domestic product +3.0% vs +2.6% Q1

- Real final sales to domestic purchasers +3.5% vs +1.8% Q1

- The data include annual revisions back to 2015. Q418 rev dn to +1.1%.