{"id":12956,"date":"2026-07-30T14:37:59","date_gmt":"2026-07-30T14:37:59","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/?p=12956"},"modified":"2026-07-30T14:58:01","modified_gmt":"2026-07-30T14:58:01","slug":"us-q2-gdp-pillars-of-strength-hold-up-as-distortions-detract-from-growth","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/us-q2-gdp-pillars-of-strength-hold-up-as-distortions-detract-from-growth\/","title":{"rendered":"US Q2 GDP: Pillars of strength hold up as distortions detract from growth"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h4 id=\"h-bottom-line\" class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-2434fd22297845b057596637ae73caa1\">Bottom Line:<\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">The Bureau of Economic Analysis reported that the US economy expanded by 1.5% in Q2, below expectations, and the longer-term trend of 2.0%. What stood out in this report is the return of data distortions \u2013 trade (i.e., net exports) and inventories subtracted 1.7 percentage points from headline growth, both of which are reacting to the tariff backdrop. The <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/us-supreme-court-ruling-does-not-mean-tariffs-are-going-away\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12956-b5e383e7\" data-dig-label=\"overturn of IEEPA \" data-dig-action=\"link click\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" class=\"rbc-link-format\">overturn of IEEPA <\/a>in February (Q1) brought a resurgence in imports in Q2. However, what was surprising was the continued decline in inventories \u2013 they fell for a 5<sup>th<\/sup> consecutive month, a trend that has never been seen outside of a recession. We continue to view this as a strategy firms are using to delay tariff passthrough by drawing down pre-tariff inventories.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Consecutive drawdowns of inventories have never been seen outside of recessions<\/strong><\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a6cb3d3ec635&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a6cb3d3ec635\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"5625\" height=\"3750\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png\" alt=\"\" class=\"wp-image-13474\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png 5625w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png?resize=300,200 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png?resize=768,512 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png?resize=1024,683 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png?resize=1536,1024 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/Real-Change-in-Private-Inventories1-1.png?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 5625px) 100vw, 5625px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Despite recent headwinds, the consumer and AI investment continued to propel growth, adding a combined 3.2 percentage points to headline growth. The strength of the consumer was perhaps the biggest surprise \u2013 growing by 3.2% in a quarter that was eclipsed by the Iran War and rising oil prices. Strong goods spending outpaced services spending but will likely be a one-off as tariffs and transport costs are likely to add to goods prices in the month ahead. &nbsp;And the AI spending boom maintained strong growth \u2013 equipment spending advanced 15.2% and intellectual property (i.e., software and R&amp;D) grew 8.8% in the quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Looking ahead, we maintain our view that the economy will continue to grow through year end as the labor market remains tight, consumers keep spending, and the AI boom continues. But growing tail risks, including <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/a-new-tariff-proposal-with-the-same-effective-tariff-rate\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12956-b5e383e7\" data-dig-action=\"link click\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" class=\"rbc-link-format\">section 301 tariffs<\/a>, rising oil prices, and <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-data-flashes\/fed-remains-on-pause-despite-rising-uncertainty\/\" target=\"_blank\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12956-b5e383e7\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" data-dig-action=\"link click\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">the increasing odds that the Fed increases interest rates this year<\/a> would all <a href=\"https:\/\/www.rbc.com\/en\/economics\/us-analysis\/us-featured-analysis\/july-executive-briefing-three-risks-facing-the-us-in-the-second-half-of-2026\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-dig-id=\"LP-U.S.Analysis-DataFlashes-US-12956-b5e383e7\" data-dig-action=\"link click\" data-dig-category=\"LP-U.S.Analysis-DataFlashes-US\" class=\"rbc-link-format\">weigh on the consumer<\/a>.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><strong>Consumer spending and AI investment continue to propel GDP growth<\/strong><\/strong><\/p>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a6cb3d3ecdfc&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a6cb3d3ecdfc\" class=\"wp-block-image size-full wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"5625\" height=\"3750\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png\" alt=\"\" class=\"wp-image-13457\" srcset=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png 5625w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png?resize=300,200 300w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png?resize=768,512 768w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png?resize=1024,683 1024w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png?resize=1536,1024 1536w, https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2026\/07\/US-GDP-Contributions-1.png?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 5625px) 100vw, 5625px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><strong>About the authors:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;is Head of US Economics at RBC. He is responsible for generating RBC\u2019s US economic outlook, providing commentary on macro indicators, and producing written analysis around the economic backdrop.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Carrie Freestone<\/strong>&nbsp;is a Senior US Economist&nbsp; at RBC. Carrie is responsible for projecting key US indicators including GDP, employment, consumer spending and inflation for the US. She also contributes to commentary surrounding the US economic backdrop which she delivers to clients through publications, presentations, and the media.&nbsp;<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;is an&nbsp;US<\/em>&nbsp;<em>Economist at RBC, where he focuses on thematic research. His prior work has centered on consumer credit dynamics and treasury modeling, with an emphasis on leveraging data to understand behavior.<\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":345,"featured_media":4540,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[85,81],"tags":[11,103,110],"rbc_econ_content_type":[],"class_list":["post-12956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-data-flashes","category-us-analysis","tag-economy","tag-gdp","tag-u-s"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - 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