The following is a statement from Constance Hunter, KPMG U.S. Chief Economist, on the Q2 2021 GDP numbers released today:
"GDP grew by 6.5% (SAAR) in Q2, driven predominately by another surge in consumer spending. The reading was below consensus expectations for an 8.4% increase, due in large part to a drawdown in auto inventories. Residential construction appears to be cooling, but personal income excluding transfer payments breached its pre-pandemic level, suggesting that consumption will continue at a steady pace in the coming quarters."
Follow Constance on Twitter for more economic insights @ConstanceHunter. To speak with Constance, contact Matt Weiss.