This will further complicate the Fed’s deliberations on “tapering” next month…
The Commerce Department reported that, during the second quarter, the U.S. economy expanded much faster than originally estimated as new data caused the growth rate to be revised up from 1.7 percent to 2.5 percent, well above expectations for a 2.2 percent rate.
The upward revision was due primarily to higher net exports after the trade deficit shrank from billion in May to billion in June, its lowest level since late-2009.
Domestic spending also was revised higher, from an annualized gain of 1.3 percent to 1.9 percent, and both nonresidential investment and inventories improved.
[Hear More: Bud Conrad: Future Inflation Baked In the Cake - Hyperinflation Possible]
Source: Iacono Research
