There were only small differences in the second estimate for Q2 GDP compared to the first estimate. Real GDP advanced at a 4.2% annual rate in Q2 compared with a 4.1% pace in the first estimate. The Q2 GDP Deflator increase was also slightly higher, up at a 3.2% rate from the advance estimate of 3.0%.
As for some other components, there was a slight downward revision to personal spending growth (from 4.0% to 3.8%), which was offset by a higher estimate for non-residential investment spending, government spending, and a downward revision to imports.
The broad contours of the strong economic rebound in the second quarter from the very slow growth first quarter was reinforced in the later data.
The rebound from a modest 2.2% expansion in Q1 to 4.2% growth in Q2 occurred with a surge in consumer spending (to a 3.8% annual rate in Q2), continuing robust non-residential investment spending, and a shrinkage in the net export deficit.
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