US final GDP for 2Q -31.4%% vs -31.7% estimate

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The third and final cut for the 2Q GDP

  • The final US 2Q GDP came in slightly better than expected at -31.4% vs. -31.7% estimate
  • prior estimate came in at -31.7%
  • US exports -64.4% vs. -63.2% previous
  • imports -54.1% vs. previous -54.0%
  • business inventories change cuts 3.5 percentage points from GDP with a $-287 billion vs. $-286.4 billion
  • consumption -33.2% vs. -34.1% previous
  • private investment -46.6% vs. -46.2% previously
  • government +2.5% vs. +2.8% previously
  • GDP price index came in at -1.8% vs. -2.0% estimate. Last -2.00%
  • core PCE quarter on quarter came in at -0.8% vs. -1.0% estimate. Last -1.0%

The worst GDP on record but it is old news now.  The 3Q will see a rebound in the data. but traders might not be influenced by the numbers until the 4th quarter data (if there is no further shutdowns) 

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