US: Q2 GDP upwardly revised on higher exports |
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The preliminary Q2 GDP report showed a change in GDP from 1.9% to 3.3%, while a smaller revision was expected (2.7%). The changes were broadly due to higher net exports as exports were revised up (13.2% from 9.2%) and imports (-7.6% from - 6.6%) down and on inventories, making a less negative contribution. Although the headline figure looks healthier, the underlying details stay weak as personal consumption and private investment remain at very low levels. Looking forward, the effect of the
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