US: Q2 GDP was revised down a tenth to 1.1% - ANZ

Research Team at ANZ, notes that the US Q2 GDP was revised down a tenth to 1.1%, however underlying details were more upbeat.

Key Quotes

“Personal consumption was the key pillar of growth at 4.4% (mkt: 4.2%; initial: 4.2%) contributing 2.9ppts to headline growth (1.5ppt from goods; 1.4ppt from services). Inventories were a drag on growth, subtracting 1.3ppts. Core PCE ticked a tenth higher to 1.8%. Corporate profits fell 1.2%.

Wholesale inventories were flat in July from a downwardly revised +0.2% (initial: +0.3%) in June; July's trade deficit narrowed to USD59.3bn from USD64.5bn previously; and August final Michigan consumer confidence dipped to 89.8 from 90.4.”