US growth revised higher in Q2
The US economy grew more than previously anticipated in the second quarter, according to a final growth reading, published by the Commerce department. Data also showed better consumer spending in the second quarter which helped better growth.
GDP Annualized was revised to 1.3% from a previous estimate of 1.0%, and better than consensus 1.2%. GDP deflator q/q also inched higher to 2.6% from 2.5% versus consensus for 2.4%.
Personal consumption indicators were also better than expected with PCE q/q improving to 3.3% from 3.2% and PCE core q/q rose to 2.3% versus expectations for an unchanged reading of 2.2%. Consumer spending rose to 0.7% in Q2 from 0.4% the previous quarter.
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