US has just revised up its GDP growth.

 US has just revised up its Q2 2024 GDP from 2.8% to 3%!

Let's break it up and see what the changes are.

Q2 GDP (1st estimate) = 0.53 + 1.46 + 1.57  + (-0.72) = 2.84 (2.8)

Q2 GDP (2nd estimate) = 0.46 + 1.31 + 1.95 + (-0.77) = 2.95 (3)

As we can see from the comparisons between the 1st and 2nd estimates, the US has revised up the consumption component significantly and revised down the rest of the GDP components (Government spending, Investment and Net Export).