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Q2 GDP revised upwards

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Q2 GDP revised upwards

Second estimate comes in at a 4.2% annualized growth rate.

US estimated real gross domestic product increased at an annual rate of 4.2% in the second quarter, according to a Commerce Department report issued today.  This is an upward revision from the initial estimate of 4.0%.

Analysts had expected a downward revision to 3.9%.

Perhaps the most encouraging element in the second estimate was the downward revision of inventory build from $93.4 billion to $83.9 billion.  This suggests less “overhang” and is a good sign for Q3. 

The results come as good news for those worried about an overall contraction in the first six months of the year.  Q1 growth came in negative, contracting at an annual rate of 2.9%. 

The full report can be found here.

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