by Calculated Risk on 8/26/2021 08:34:00 AM
The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the increase in real GDP was 6.5 percent. The update reflects upward revisions to nonresidential fixed investment and exports that were partly offset by downward revisions to private inventory investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, were revised down
Here is a Comparison of Second and Advance Estimates. PCE growth was revised up from 11.8% to 11.9%. Residential investment was revised down from -9.8% to -11.5%. This was slightly below the consensus forecast.