US: BEA to raise its second estimate of Q2 GDP to 2.9% q-o-q saar - Nomura

Analysts at Nomura suggest that in the second estimate of US Q2 GDP, they expect the BEA to raise its estimate by 0.3pp from 2.9% q-o-q saar.

Key Quotes

“The advance release of the Quarterly Services Survey suggests personal consumption expenditure (PCE) could be revised up solidly in the second estimate. Further, backward revisions to core retail sales also suggest the PCE may have been higher than the BEA’s estimate. Moreover, incoming data on inventories were stronger than the BEA’s assumption overall. This suggests some upward revision to the change in private inventories as well.”