US Q2 mixed GDP estimates - ANZ

Analysts at ANZ noted that Q2 GDP was revised down a tenth to 1.1%, however underlying details were more upbeat.

Key Quotes:

Personal consumption was the key pillar of growth at 4.4% (mkt: 4.2%; initial: 4.2%) contributing 2.9ppts to headline growth (1.5ppt from goods; 1.4ppt from services).

"Inventories were a drag on growth, subtracting 1.3ppts. Core PCE ticked a tenth higher to 1.8%. Corporate profits fell 1.2%. Wholesale inventories were flat in July from a downwardly revised +0.2% (initial: +0.3%) in June July's trade deficit narrowed to USD59.3bn from USD64.5bn previously; and August final Michigan consumer confidence dipped to 89.8 from 90.4."