US Q2 GDP (second reading) +1.1% vs +1.1% expected

The second reading on US Q2 GDP
– The was +1.2%
– Personal consumption 4.4% vs +4.2% exp
– Core PCE q/q +1.8% vs +1.7% exp
– GDP price index +2.3% vs +2.2% exp
The goods news is that business investment wasn’t quite as dismal as it looked and the consumer spending was even stronger. The worry is that the consumer isn’t going to hold up, especially if auto sales tail off as anticipated.