Overview

• Commerce Department’s second revision shows U.S. GDP expanding at a 3.8% annualized pace in Q2, beating the earlier 3.3% reading and market projections near 3.0%.
• The U.S. upgrade was led by stronger private consumption, with lower imports adding to the headline through the national accounts.
• First-quarter U.S. GDP was revised down to a 0.6% contraction, reshaping the first-half growth profile against ongoing policy and global-demand risks.
• Spain’s statistics agency raised Q2 growth to 0.8% quarter-on-quarter, with household spending and investment driving the entire increase as external demand contributed almost nothing.
• Spain’s year-on-year growth was revised to 3.1%, and its quarterly pace outpaced the eurozone average of 0.2% according to Eurostat comparisons.