US GDP growth for Q2 revised higher to 3% vs. 2.8% expected

• US GDP growth for the second quarter got revised higher to 3%.
• US Dollar Index stays in positive territory above 101.00.

The US Bureau of Economic Analysis (BEA) announced on Thursday that it revised the annualized real Gross Domestic Product (GDP) growth for the second quarter to 3% from 2.8% in the initial estimate. Markets were expecting the BEA to confirm the GDP growth at 2.8%.

“Compared to the first quarter, the acceleration in real GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in consumer spending,” the BEA noted its press release and explained that the update in the second estimate primarily reflected an upward revision to consumer spending. 

Market reaction

The US Dollar preserves its strength after this report. At the time of press, the US Dollar Index was up 0.3% on the day at 101.35.