2Q GDP rev up to +3.1% SAAR (expected from..>

US DATA: 2Q GDP rev up to +3.1% SAAR (expected +3.0%) from +3.0% in 

the second estimate, due primarily to an upward revision to inventories 

(+0.12pp contribution vs +0.02pp prev). Government spending was also rev 

up slightly (-0.03pp vs prev -0.05pp). PCE contribution rev dn (+2.24pp 

vs +2.28pp), but still strong, fixed invest rev dn (+0.53pp vs +0.58pp) 

on both residential and nonresidential, net exports (unrev +0.21pp). GDI 

unrev +2.9%, so GDP/GDI avg unrev +3.0%. Real final sales rev dn to +2.9% 

vs +3.0% in prev estimate. The prices measures generally unrev, with 

the GDP price index unrev +1.0% and closely watched core PCE unrev +0.9%, 

keeping the y/y rate +1.5% in the previous estimate, still down from 

+1.8% in 1Q. Overall, the data still point to an acceleration of growth 

from 1Q, with little price pressures. Analysts expect growth to slip a 

bit in 3Q to about 2.5%, with the impact of the August and September 

hurricanes a downside risk. See MNI main wire.