The first look at 2Q Gross Domestic Product, the broadest measure of economic output, showed a 2.4% annualized rate of growth, compared to the steep upwardly revised 3.7% gain in 1Q. A 2.6% expansion had been forecast by economists. Personal consumption rose 1.6%, below the 2.4% forecast.
The GDP Price Index rose 1.8%, above the 1.1% forecast. The core PCE Index, which excludes food and energy, increased 1.1%, just above expectations which called for a 1.0% increase. The Employment Cost Index for 2Q gained 0.5%, matching the consensus.
More from Bloomberg...
The final University of Michigan’s Consumer Sentiment Index increased by a larger amount than initially reported in the preliminary release, rising from the preliminary reading of 66.5 to 67.8 in July, compared to the expectation of economists, who forecast an increase to 67.0.
The Chicago PMI unexpectedly improved, rising from 59.1 in June to 62.3 in July, compared to the decline to 56.0 that was forecast by economists. The index of business activity in the Midwest continued to expand and the employment component of the report continued to expand, along with increases in production, new orders, order backlogs, and inventories.
The Dow Jones Industrial Average and S&P 500 Index were both flat, closing at 10,466 and 1,102, respectively, while the Nasdaq Composite gained 3 points (0.1%) to 2,255. Crude oil rose $0.50 to $78.86 per barrel, while the Bloomberg gold spot price advanced $12.93 to $1,181.18 per ounce. For the week, including dividends, the DJIA gained 0.4%, the S&P 500 Index lost 0.1%, and the Nasdaq Composite declined 0.7%.
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
Daily Update Of Open Positions...Stocks & ETFs
