CQM significantly underestimated economic growth on the expenditure side in 2024Q2. This is mainly because CQM underestimated PCE, export of goods, inventory changes in retail sale industry and transportation equipment investment. Underestimation of PCE can be explained largely by the upward revision in May PCE. The other components of the NIPA were underestimated because the ARIMA forecasts for export of goods, retailers’ inventories, and shipment of transportation equipment in June were significantly lower than their BEA’ assumptions.