Keeping you up to date on the latest data releases.
Real GDP was revised up 0.1 percentage point to an annualized growth rate of 1.7 percent in the second quarter, according to the third estimate. However, second quarter growth is still 0.7 percentage point below the initial reading. The slight uptick relative to the second estimate was primarily the result of upward revisions to consumption and private inventories that were offset by an upward adjustment to imports and a downward revision to government spending. Real personal consumption expenditures were revised up from 2.0 percent to 2.2 percent according to the third estimate, well above the initial estimate of 1.6 percent. Personal consumption is now trending at a 4-quarter growth rate of 1.7 percent. Private inventories grew by a little more than the second estimate suggested in the second quarter, contributing an additional 0.2 percentage points to growth. Elsewhere, government spending was revised down from 4.3 percent to 3.9 percent in the second quarter. Also, imports were revised up from 32.4 percent to 33.5 percent, now its strongest quarterly gain since 1984:Q1.