Decent Data

GDP Today’s Q2 GDP estimate came in at 4%, better than expected. Moreover, the dismal -2.9% estimate of Q1 GDP was revised up to -2.1%. As for the underlying components, consumer spending increased at a 2.5% annualized rate, which is solid, and housing grew, which beats the shrinking it’s been doing for the last six months! 2014 GDP should now reach 1.8%, not the 1.375% previously expected. Reasonably decent news.

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