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August 29, 2018US GDP 2018 Q2 (SECOND ESTIMATE) 
The US economy grew at 4.2 per cent (seasonally adjusted annualized rate, chained 2012 dollars) in Q2 2018, according to the second estimate by the US BEA. This is an upward revision of 0.1 percentage points from the advanced estimate. Growth in the previous quarter was 2.2 per cent and the US economy has grown 2.9 per cent since Q2 2017. Growth in Q2 2018 occurred with increases in personal consumption, nonresidential fixed investment, exports, government spending that were partially offset by decreases in inventory investment and residential fixed investment. Imports, which are a subtraction in GDP calculations, decreased for the quarter. The acceleration of growth that occurred in the quarter was due to faster personal consumption, export, and government growth as well as a smaller decrease in residential fixed investment.
Personal consumption rose 3.8 per cent in the quarter, the fastest pace since 2014, with growth particularly strong in durable goods. Residential investment contracted for the second consecutive quarter. Business investment was up with growth in structures, equipment and intellectual property products while private inventory levels declined. Real exports increased 9.1 per cent, especially in goods shipments while imports decreased 0.4 per cent in the quarter. Government spending increased at both the Federal and State and local level.
US nominal GDP growth (including the impacts of rising prices) was 7.6 per cent in Q2, compared to 4.3 per cent growth reported in 2018Q1. The personal consumption expenditure price index increased 1.9 per cent, lower than the 2.5 per cent increase last quarter.
Source: US Bureau of Economic Analysis
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