{"id":1479389,"date":"2024-07-25T12:49:26","date_gmt":"2024-07-25T16:49:26","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1479389"},"modified":"2024-07-25T12:49:26","modified_gmt":"2024-07-25T16:49:26","slug":"q2-gdp-unexpectedly-soars-to-2-8-crushing-estimates-as-core-pce-prints-hot","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/q2-gdp-unexpectedly-soars-to-2-8-crushing-estimates-as-core-pce-prints-hot\/1479389\/","title":{"rendered":"Q2 GDP Unexpectedly Soars To 2.8%, Crushing Estimates As Core PCE Prints Hot"},"content":{"rendered":"<p><span class=\"field field--name-title field--type-string field--label-hidden\">Q2 GDP Unexpectedly Soars To 2.8%, Crushing Estimates As Core PCE Prints Hot<\/span><\/p>\n<div class=\"clearfix text-formatted field field--name-body field--type-text-with-summary field--label-hidden field__item\">\n<p>After yesterday&#8217;s panicked oped by idiot Bill &#8220;<em>recession is here, so cut rates before Trump is elected&#8221; <\/em>Dudley, expectations were for a Q2 GDP print this morning at zero if not outright negative to greenlight a July rate cut. Of course, that oped is all that was needed for Kamala&#8217;s Census Bureau to release a blowout print (because we now have just 100 days to establish Kamalanomics as the next sliced bread) and that&#8217;s precisely what happened moments ago when <strong>the first estimate of Q2 GDP came in at a whopping 2.8%, double the final Q1 print of 1.4% (which was already the lowest print since the technical recession in Q2 2022)&#8230;<\/strong><\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/usd%20gdp.jpg?itok=nUHjT9Q9\"><\/a><\/p>\n<p>&#8230; <strong>and also came in more than 2-sigma higher than the consensus estimate of 2.0%; in fact, there was just one analyst estimate that was higher at 3.0%.<\/strong><\/p>\n<p><a href=\"https:\/\/cms.zerohedge.com\/s3\/files\/inline-images\/GDP%20vs%20est.jpg?itok=cs-Fg4z4\"><\/a><\/p>\n<p>The increase in real GDP primarily reflected increases in consumer spending, private inventory investment, and nonresidential fixed investment, according to the BEA.<\/p>\n<p>According to UBS, details suggest very strong growth: <strong>investment rose 8.4% q\/q SSAR, the highest since Q3 2023. <\/strong>It looks like AI-related investment supported the growth as information processing equipment rose 10.2% q\/q. <strong>Personal consumption rose 2.5% in Q2, better than the decline of 2.3% in Q1. <\/strong>Government spending rose 3.1% q\/q, higher than 1.8% in Q1.<\/p>\n<p>Meanwhile, core PCE index fell to 2.9% y\/y from 3.7%, but higher than 2.7% consensus.<\/p>\n<p><em>Developing<\/em><\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p>      <span class=\"field field--name-uid field--type-entity-reference field--label-hidden\"><a title=\"View user profile.\" href=\"https:\/\/cms.zerohedge.com\/users\/tyler-durden\" class=\"username\">Tyler Durden<\/a><\/span><br \/>\n<span class=\"field field--name-created field--type-created field--label-hidden\">Thu, 07\/25\/2024 &#8211; 08:49<\/span><\/p>\n<p>\u200b<a href=\"https:\/\/www.zerohedge.com\/economics\/q2-gdp-unexpectedly-soars-28-crushing-estimates-core-pce-prints-hot\" target=\"_blank\" class=\"\" rel=\"noopener\">https:\/\/www.zerohedge.com\/economics\/q2-gdp-unexpectedly-soars-28-crushing-estimates-core-pce-prints-hot<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Q2 GDP Unexpectedly Soars To 2.8%, Crushing Estimates As Core PCE Prints Hot After yesterday&#8217;s panicked oped by idiot Bill &#8220;recession is here, so cut&#8230;<\/p>\n","protected":false},"author":0,"featured_media":1479390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[1],"tags":[],"class_list":["post-1479389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pbimBl-6cR7","jetpack_featured_media_url":"https:\/\/bugaluu.com\/news\/wp-content\/uploads\/sites\/3\/2024\/07\/usd20gdp-DuMF4N.jpeg","_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1479389","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1479389"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1479389\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1479390"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1479389"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1479389"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1479389"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}