US: Q2 real GDP growth seen at 4.0% q/q - Nomura

Analysts at Nomura offer a sneak peek at what to expect from today’s second-quarter US prelim GDP report due at 1230 GMT.

Key Quotes:

“Based on our past-quarter GDP tracking estimate, we forecast 4.0% q-o-q saar for the second estimate of Q2 real GDP growth

Incoming data since the BEA's advance estimate reaffirmed strong growth in Q2. Data on business equipment spending, changes in private inventories, and both imports and exports were slightly weaker than the BEA's advance estimates, but advance Quarterly Services Survey suggest slightly better consumer spending on services and business investment in intellectual properties during the quarter. 

Altogether, the net impact on real GDP growth was likely a downward revision of 0.1pp to 4.0% from the BEA's initial estimate.”