Jefferies economist Ward McCarthy.....>

US DATA REACT: Jefferies economist Ward McCarthy said today's third estimate of

Q2 2017 GDP "reflected an upward revision to 3.1% from the 3.0% growth rate of

the second estimate of growth. The economy grew at a 1.8% rate in Q4 2016 and

appears to be on track to grow at roughly 2.2% in Q3 of 2017."

- He adds "3rd estimate of GDP growth was close to expectations, as the

consensus call was for no change from the second estimate of 3.0%. GDP growth on

a yoy basis was unrevised at 2.2% in the second revision. The yoy rise in GDP

was 1.2% in Q1 and 1.8% in Q4 2016."

- He said "Q2 real final sales - which strip out inventories - rose 2.9%,

compared with 3.0% in the second estimate. With the revision, there were modest

changes in the composition of GDP. The most important compositional revisions

were to consumption growth, but the headline increase in PCE held steady at

3.3%. PCE on durable and nondurable goods were revised lower, while spending on

services was revised higher. There was alos an upward revision to inventories."