US Q2 growth likely to be revised higher after a string of strong data

The US Department of Commerce's quarterly services survey (QSS report) today showed that gross domestic product grew much faster than the 6.5% annual rate the government reported in its advance estimate last month after strong retail sales and inventories data. US economic growth for the second quarter is likely to be revised upwards after a recent batch of stronger than initially thought data covering the period reflects the reopening of the economy amid improving public health. QSS provided data on spending on services and investment in intellectual property products that will be incorporated by the Commerce Department's statistics agency. The QSS report showed that service industry revenue rose 4.0% in the second quarter.