- Final Q2 reading was 1.3% (annualized)
- Sales +2.1% vs +1.5% exp
- Consumer spending +2.0%
- GDP deflator 2.9% vs 2.0% exp
- PCE prices 1.8% vs 1.7% exp
Corporate profits revised down from 2009 through 2011(Bloomberg retracts)- Business investment -1.3%
- Home investment +14.4%
Inventories cut approx 0.1 percentage points from GDP while Federal spending added 0.7 percentage points (probably defense). Consumer spending on durables was up 8.5% (are iPhones durable? probably). Exports and imports were both lower in a sign of the weakening global economy.
