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GDP: Q2 Final Sales
Correcting earlier second-paragraph reference to “final sales” as being up 2.0%. That was the final-sales-to-domestic purchasers increase, the final-sales increase was +1.3%–reflecting a 9.5% jump in imports, which captured significant new market share within total domestic purchases. While that gain was unfortunate for domestic producers, the Fed will be mainly concerned with overall domestic purchases, which is what they can directly influence.