US DATA: Q2 real GDP rev to +1.0%, 0.3pt below the original est but as
expected. Commerce Dept said exports/invty were rev lower based on new
data, and PCE rev up based on finance/health services spending (from
bank call reports and BLS hours worked). Nonres inv rev up from bldg and
from software (corp revenue was up). Q1 wages rev +$18.4b. GDP px +2.4%.
Now 2/3 into Q3, real spending appears weak but Aug data are due soon.
GDP Components: Q3 Q4 Q1 Q2 prelim Q2 rev
Real growth +2.5% +2.3% +0.4% +1.3% +1.0%
Real final sales +1.7 +4.2 +0.0 +1.1 +1.2
PCE +2.6 +3.6 +2.1 +0.1 +0.4
Nonres fixed invest +11.3 +8.7 +2.1 +6.3 +9.9
Res fixed invest -27.7 +2.5 +2.4 +3.8 +3.4
Net Exports Contrib cut 0.68 add 1.37 cut 0.34 add 0.58 add 0.09
Inventory Contrib add 0.86 cut 1.79 add 0.32 add 0.18 cut 0.23