From the BEA last night:
Real gross domestic product — the output of goods and services produced by labor and property located in the United States — increased at an annual rate of 2.5 percent in the second quarter of 2013 (that is, from the first quarter to the second quarter), according to the “second” estimate released by the Bureau of Economic Analysis. … In the advance estimate, the increase in real GDP was 1.7 percent.
The upward revision to the percent change in real GDP primarily reflected an upward revision to exports, a downward revision to imports, and an upward revision to private inventory investment that were partly offset by a downward revision to state and local government spending.
The growth is coming from net exports:
Not a dissimilar growth pattern to Australia and from next week likely growing faster as well. There was further solid data in the weekly DOL report of unemployment claims:
In the week ending August 24, the advance figure for seasonally adjusted initial claims was 331,000, a decrease of 6,000 from the previous week’s revised figure of 337,000. The 4-week moving average was 331,250, an increase of 750 from the previous week’s unrevised average of 330,500.
Nonetheless, safe haven flows on Syria continued to dominate any fear of an imminent taper. US bonds continued their weekly rally with the 10 year yield falling to 2.75% and the 30 year falling to 3.7%.
