US: Second estimate of Q2 GDP likely to print 4.0% q-o-q saar - Nomura

Analysts at Nomura suggest that based on their past-quarter GDP tracking estimate, they forecast 4.0% q-o-q saar for the second estimate of US Q2 real GDP growth (Consensus: 4.2%).

Key Quotes

“Incoming data since the BEA’s advance estimate reaffirmed strong growth in Q2. Data on business equipment spending, changes in private inventories, and both imports and exports were slightly weaker than the BEA’s advance estimates, but advance Quarterly Services Survey suggest slightly better consumer spending on services and business investment in intellectual properties during the quarter.”

“Altogether, the net impact on real GDP growth was likely a downward revision of 0.1pp to 4.0% from the BEA’s initial estimate.”