October 30, 2024 at 12:30PM
Final Q2 GDP was 3.0%
Consumer spending (PCE): +3.7% annual rate
Durable goods: +8.1%
GDP final sales (excluding inventories): +3.0%
GDP price index (GDP deflator): +1.8%
Core PCE (excluding food & energy): +2.2% vs +2.1% expected
PCE price index 1.5%
Greg covered the inflation numbers in more detail
Business investment (nonresidential fixed investment): +3.3%
Contributors and subtractors to the 2.8% growth:
Consumption: +2.46% vs +1.90% prior
Government: +0.85% vs +0.52% prior
Net International trade: -0.56% vs -0.90% prior
Inventories: -0.17% vs +1.05% prior
The final Atlanta Fed GDPNow reading was 2.8%.
USD/JPY was trading at 153.37 ahead of the report and is right back there after a small foray higher then back down. GDP was a tad softer but was balanced by slightly higher inflation. In addition, the most-important detail in the report is consumer spending and it was very strong, highlighting ongoing growth. Spending rose at a 6.0% pace for goods and 2.6% for services.
Combine this with ADP earlier today and the economy looks solid.
This article was written by Adam Button at www.forexlive.com.
