The second reading of US Q2 GDP showed a further downward revision from already a disappointing first reading. The headline figure was revised from an annualized 1.3% Q/Q to 1.0% Q/Q, marginally below the consensus estimate of 1.1% Q/Q. The details show an upward revision in personal consumption (0.4% Q/Q from 0.1% Q/Q), non-residential investment (9.9% Q/Q from 6.3% Q/Q) and government consumption (-0.9% Q/Q from -1.1% Q/Q), but these were more than offset by a lower positive contribution from net exports, a bigger drag from inventories and a downward revision in residential investment (3.4% Q/Q from 3.8% Q/Q). While the headline figure is marginally weaker than the first estimate suggested, the breakdown is not too bad as the downward revision in inventories might set the stage from some destocking in Q3 and also the upward revision in personal consumption is encouraging.