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GDP Revision: Stronger Consumer, Trade
The second estimate of Q2 GDP shows the U.S. economy expanded at 1.7% Q/Q annualized, up two-tenths from the advance estimate. Personal consumption expenditures grew 1.7% Q/Q annualized as well, from 1.5% in the advance estimate, as stronger purchases of durable goods more than offset a drop in non-durables purchases. Utilities spending provided a lift as households faced one of the hottest summers in the past fifty years.