GDP Second Estimate Confirms 1.5% Q2 Growth; Durable Goods Orders Beat Forecast

BEA's second estimate confirmed Q2 2026 real GDP growth at 1.5% annualized — unrevised from the advance estimate and down from Q1's 2.1% — with an upward revision to consumer spending offset by an upward revision to imports. Real gross domestic income (GDI) rose 2.2%, and the price index for gross domestic purchases rose 5.8% while the PCE price index climbed 5.3% (core 3.6%). Corporate profits from current production rose $400.9 billion, versus a $74.4 billion increase in Q1. Separately, the Census Bureau's July durable goods orders report showed new orders up 1.1% to $339.3 billion, well ahead of the 0.4% forecast and accelerating from June's 0.3% gain; orders excluding transportation rose 0.4% and excluding defense rose 1.3%, with transportation equipment leading the increase (+2.3% to $116.2 billion). The releases land two days ahead of incoming Fed Chair Kevin Warsh's first Jackson Hole keynote (Aug 28) and hours before Nvidia's closely watched earnings report.