The Bureau of Economic Analysis (BEA) “third” estimate for second quarter (Q2) gross domestic product (GDP) in 2019 held steady and hit the consensus forecast at 2.0%.
Forecasts were looking for a low 1.9% to a high of 2.1%. The consensus forecast was 2.0%. The consensus for consumer spending was 4.7%, mirroring the second estimate, which missed by just 0.1%.
The third and final estimate for Q1 2019 GDP showed the U.S. economy grew at a solid annual rate of 3.1%.
Real gross domestic income (GDI) rose 1.8% in Q2 2019, compared with an increase of 3.2% in Q1. Current-dollar GDP gained 4.7%, or $241.5 billion to $21.34 trillion. In Q1, current-dollar GDP rose 3.9%, or $201.0 billion.
The price index for gross domestic purchases rose 2.2% after gaining 0.8% in Q1. The PCE price index rose 2.4% compared with a prior increase of 0.4%. Excluding food and energy prices, the PCE price index rose 1.9%, compared with an increase of 1.1%.
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