US Q2 advance GDP +2.6% annualized vs +2.7%

• Q1 was 1.4% (prior was +1.2%)
• Personal consumption 2.8% vs 2.8% exp
• Prior personal consumption +1.1% (revised to +1.9%)
• GDP price index 1.3% vs 1.0%
• Prior GDP price index 1.9% (revised to 2.0%)
• Core PCE q/q +0.7% vs +0.9% exp
• Prior core PCE 2.0% (revised to 1.8%)

Lots of moving parts here. The negative revision to Q1 stands out because it came despite a big upward revision to personal consumption.

 Overall, the US dollar is slumping on the data.

Details:

• Consumer spending on durables +6.3%
• Business investment +5.2%
• Investment in equipment +8.2%
• Investment in IP +1.4%
• Exports +4.1%
• Imports +2.1%
• GDP ex motor vehicles +2.7%
• Business inventory change -$0.3B