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JPM economist Daniel Silver said......>

US DATA REACT
US DATA REACT: JPM economist Daniel Silver said JPM boosted its US 2Q GDP
forecast to 3.5% SAAR. He said "the 8:30 data releases provided new GDP source
data through the durable goods report and the advance figures on trade and
inventories. On net, these figures came out above expectations, and we are
raising our forecast for 2Q real GDP growth from 3.0% to 3.5% saar. This upward
revision comes primarily through the details related to trade and inventories,
and we now think both components will be close to neutral factors for growth in
2Q (we had previously expected a total drag of 0.5%-pt from both components
before this morning's reports)."
- He adds "equipment spending in 2Q is now looking modestly weaker than we had
been anticipating after incorporating the related figures on factory shipments
and trade." 

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