US GDP Advanced Q2 3.0% versus 2.4% estimate ...Middle East

Prior quarter -0.5%GDP 3.0% versus 2.4% estimate.GDP sales 6.3% much stronger than the 2.5% estimate. Last quarter -3.1%GDP consumer spending 1.4% versus 0.5% last quarterCore PCE 2.5% versus 2.3%.PCE prices 2.1% versus 2.9% estimatePCE Ex food, energy, and housing 2.2% versus 3.5% last quarterPCE services excluding energy and housing 2.3% versus 4.3% last quarter

If you take out trade (added 0.5%) and inventory, the data is less strong than first look.

Consumer spending rose modestly (+1.4%), with gains in both goods and services. The first quarter was at 0.5%

Investment was weak overall—residential investment plunged ~10%, partially offset by strength in tech and intellectual property.

Inventories detracted from growth after boosting Q1 GDP, as firms unwound stockpiles.

This article was written by Greg Michalowski at investinglive.com.

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