Q2 GDP Revised Slightly Higher As Core Inflation Rises The Most Since 1983

By Tyler Durden,

There was little surprise in today’s third and final revision of Q2 GDP data, which came in just barely above consensus expectations, rising from 6.6% (or rather 6.560%) in the second estimate to 6.7% (6.720% to be precise), which was also higher than the 6.6% consensus. The number, while also higher than the 6.3% reported in Q1 will be the best US GDP print for a long, long time, with many expectations a sharp decline in GDP in the current and certainly future quarters if Biden is unable to pass his full $3.5 trillion stimulus which now appears to be the case.

In its snapshot assessment, the BEA reports that “in the second quarter, government assistance payments in the form of loans to businesses and grants to state and local governments increased, while social benefits to households, such as the direct economic impact payments, declined. In the first quarter of 2021, real GDP increased 6.3 percent.”

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