Analysis team at TD Securities note that the US Q2 GDP data was revised slightly lower in the second update to 2.0% from 2.1% before, as expected.
Key Quotes
“The headline print, however, masks important shifts in its components as personal consumption increased more than initially penciled (4.7% vs. 4.3%), with that improvement being upset by the rest of the components. Notably, Q2 residential investment growth was revised even lower to -2.9% from -1.5%.”
“Separately, the update on core prices disappointed to the downside again, with the q/q annualized rate revised a tenth lower to 1.7%. This suggests a more subdued than expected path for inflation during the first half of the year.”
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