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Real GDP Revisions Stronger Than Expected, Core PCE Prices Little Changed

US DATA
  • Real GDP growth was revised up by more than expected in the 2nd Q1 release, up from 1.06% to 1.27% annualized (cons 1.1%).
  • Personal consumption saw a small upward revision from 3.70% to 3.76%, still the strongest since 2Q21 and so solid but no real change from the initial Q1 release.
  • More notable upside revisions came from other domestic demand (non-resi investment and government) plus a sizeable boost in changes in inventories (albeit still dragging -2.1pp annualized on the quarter), offset by the previous boost from net trade being revised away (latest contribution exactly 0.00pps)
  • Looking at underlying trends, final sales to private domestic purchasers were revised up to 2.85% annualized for also the strongest since 2Q21, similar to personal consumption.
  • On prices, the GDP price index was revised up from 4.0% to 4.2% although the core PCE deflator saw a much smaller increase from 4.94 to 4.96%.

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