US: Real GDP expands by 6.6% in Q2 vs. 6.7% expected
- US BEA revised annualized Q2 GDP growth to 6.6% from 6.5%.
- US Dollar Index continues to move sideways below 93.00.
The United States' Real Gross Domestic Product (GDP) expanded at an annual rate of 6.6% in the second quarter, the US Bureau of Economic Analysis' (BEA) second estimate showed on Thursday. This reading followed the first estimate of 6.5% and came in below the market expectation of 6.7%.
"The update reflects upward revisions to nonresidential fixed investment and exports that were partly offset by downward revisions to private inventory investment, residential fixed investment, and state and local government spending," the BEA explained in its press release. "Imports, which are a subtraction in the calculation of GDP, were revised down."
Market reaction
The US Dollar Index showed no immediate reaction to this report and was last seen posting small daily gains at 92.86.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
