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US Q2 GDP growth confirmed at 2%

The U.S. economy grew at an annualized rate of 2% in the second quarter, compared with a 3.1% rate in the first quarter, the final estimate from the Bureau of Economic Analysis showed.

The latest print matched the prior projection and the Econoday consensus forecast of 2.0%.

The final reading reflects downward revisions to personal consumption expenditures and nonresidential fixed investment, primarily offset by upward revisions to government spending and exports. Imports were also revised down.

The deceleration in real GDP in the second quarter from the first quarter primarily reflected downturns in inventory investment, exports and nonresidential fixed investment. These were partly offset by accelerations in personal consumption expenditures and federal government spending.

The personal consumption expenditures price index rose 2.4% in the quarter, higher than the previous estimate of 2.3% and the prior quarter's 0.4% growth.

The dollar spot index, which measures the currency against a basket of peers, was down nearly 0.1% around 9 a.m. ET.