GDP Bounce as Expected, Spending Jumps

Government spending is up is the bad news.

MishTalk

The consensus opinion got GDP right this month for the first time in three quarters.

Real GDP rose an as expected 2.6% Revisions took the first quarter down to 1.2% from 1.4%. Real GDP was revised up 0.2 percentage point for 2014, was revised up 0.3 percentage point for 2015, and was revised down 0.1 percentage point for 2016.

Inventories were negative for the quarter as sales were higher than expected. The GDP price deflator was 1.0% contributing to the rise in real spending.

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