US Second-Quarter Economic Growth Upgraded Slightly to 6.7%

Source: Bureau of Economic Analysis

The United States’ economic growth for the second quarter was revised higher, driven by upgrades to personal spending, exports, and private investment. DXY is down 0.10%.

• The real gross domestic product (GDP) was revised to 6.7%, reflecting an upward revision of 0.1 percentage points.
• Drivers include personal consumption expenditure, nonresidential fixed investments, exports, and government spending.
• Downside factors include declines in private inventory investment, residential fixed investment, and federal government spending.
• Current-dollar GDP climbed 13.4% to $702.8 billion to $22.74 trillion, versus the 10.9% or $560.6 billion in the first quarter.
• Real gross output increased by 5.5%, with private services-producing industries up 9.5% while private goods-producing industries fell 2.5%