US DATA: May durables orders seesaws +1.9%, with ex transport +0.6% and
ex defense +1.9%. Sawtooth pattern continues as all areas gain, led by
+3.2% electronics (vs -5.2% Apr). NDCG shipments +1% but slows for Q2
CapX avg. Inventories +1.2%,Shipments +0.3%. Shows mfg modestly gaining.
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Q1 real GDP final at +1.9% as new data showed net exports & invty adding
more, nonres and S&L govt less. Corp profits curr production +$48.7b.
GDP Components: Q3 Q4 final Q1 Prelim Q1 Rev Q1 Final
Real growth +2.6% +3.1% +1.8% +1.8% +1.9%
Real final sales +0.9 +6.7 +0.8 +0.6 +0.6
PCE +2.4 +4.0 +2.7 +2.2 +2.2
Nonres fixed invest +10.0 +7.7 +1.8 +3.4 +2.0
Res fixed invest -27.3 +3.3 -4.1 -3.3 -2.0
Net Exports Contrib cut 1.70 add 3.27 cut 0.08 cut 0.06 add 0.14
Inventory Contrib add 1.61 cut 3.42 add 0.93 add 1.19 add 1.31