Financial notes:
Q2 GDP REVISED UP, CONSUMERS SPEND A BIT MORE
Personal spending and personal incomes each rose 0.1% in July, the Commerce Department stated Friday. The tiny household spending advance fell short of the 0.3% increase forecast by economists polled by Bloomberg. In better news, the Commerce Department adjusted its estimate of Q2 GDP to 2.5% last week, much better than its original 1.7% assessment.1,2
HARD GOODS ORDERS DIP 7.3% FOR JULY
Economists did not see this coming. The Commerce Department announced the biggest one-month descent in the indicator in a year last week, with core durables (minus defense and airplane orders) slipping 3.3%.3
Citations:
1 - bloomberg.com/news/2013-08-30/consumer-spending-in-u-s-increased-in-july-for-a-third-month.html [8/30/13]
2 - bloomberg.com/news/2013-08-29/consumer-comfort-in-u-s-declines-to-a-more-than-four-month-low.html [8/29/13]
3 - online.wsj.com/article/BT-CO-20130826-706196.html [8/26/13]
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