US DATA: Q2 GDP 3rd rev is +1.7%, as expected, but a.

US DATA: Q2 GDP 3rd rev is +1.7%, as expected, but data point to a
better gain in Q3 as the consumer steadies and biz investment in cap
goods picked up more. Q2 now includes up-revs to inventories & consumer
spending, offset by more imports. Story remains same: inventory cycle is
ending and biz and res investment are picking up slack. Corp profits pre
tax now +$15.3b, still shows fin’l and utilities industries losing.
GDP Components: Q4:09 Q1 Q2
Real growth +5.0% +3.7% +1.7%
Real final sales +2.1 +1.1 +0.9
PCE +0.9 +1.9 +2.2
Nonres fixed invest -1.4 +7.8 +17.2
Res fixed invest -0.8 -12.3 +25.7
Net Exports Contrib add 1.90 cut 0.31 cut 3.50
Inventory Contrib add 2.83 add 2.64 add 0.82