Details:
- Consumer spending +3.5% vs +3.7% advance
- Consumer spending on durables +8.1%
- GDP final sales +3.0% vs +3.0% advance
- GDP deflator +1.9% vs +1.8% advance
- Core PCE +2.1% vs +2.2% advance
- Business investment (nonresidential fixed investment) +% vs +3.3% advance
- PCE services inflation excluding energy and housing +2.6% vs +2.6% advance
- Corporate profits prelim 0.0%
- Personal saving rate 4.3% vs 4.8% advance
Contributors and subtractors to the 2.8% growth, in percentage points:
- Consumption: +2.37 pp vs +2.46 pp advance
- Government: +0.83 pp vs +0.85 pp advance
- Net International trade: -0.57 pp vs -0.56 pp advance
- Inventories: -0.11 pp vs -0.17 pp advance
The changes in this revision are immaterial. It's a healthy economy that's being led by consumption, though the revision lower in the savings rate is a bit worrisome, as are some of the comments from retailers in earnings reports recently.
