US GDP Advanced for Q2 2.8% vs 2.0% estimate

• Prior quarter 1.6%
• GDP Q2 2.8 % vs 2.0% estimate. The Atlanta Fed GDP now estimate was at 2.6%
• GDP sales 2.0% versus 1.9% estimate. Prior 2.0%
• GDP consumer spending 2.3% vs 2.5% prior
• GDP deflator 2.3% versus 2.6% estimate. Prior 3.1%
• GDP core PCE prices 2.9% versus 2.7% estimate. Prior 3.7%
• PCE prices advanced 2.6% vs 3.4% prior
• PCE ex food and energy and housing 2.5% vs 3.3% prior
• PCE services ex Energy and housing 3.3% vs 5.1% prior

Primarily consumer spending from increases in services and goods.Also inventory increased this month (last quarter the inventories subtracted from GDP) The end of year Fed projections shows -69 basis points versus 72 basis points prior to the releases of GDP and durable goods

This article was written by Greg Michalowski at www.forexlive.com.