US: Real GDP contracts by 0.6% in Q2 vs -0.8% expected
- US Q2 GDP growth got revised higher to -0.6% in the second estimate.
- US Dollar Index trades modestly lower on the day near 108.50.
The US economy contracted at an annualized rate of 0.6% in the second quarter, the US Bureau of Economic Analysis' (BEA) second estimate showed on Thursday. This reading came in higher than the flash estimate of -0.9% and surpassed the market expectation of -0.8%.
"In the advance estimate, the decrease in real GDP was 0.9%," the BEA explained in its publication. "The update primarily reflects upward revisions to consumer spending and private inventory investment that were partly offset by a downward revision to residential fixed investment."
Market reaction
The US Dollar Index edged slightly higher after this data and was last seen losing 0.1% on the day at 108.50.
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.
