Locator: 48980ECONOMY.
Boom: U.S. economy expanded 3.3% in Q2, with growth even stronger than initially thought. Estimate was 3.1.
Imports were pulled forward in 2Q25. Impact of imports on GDP. Link here. Yellow legal pad: consumer was very strong in second quarter.
Jobless claims:
- right in line, 229K vs 230K
- hard to get worried about the labor sector
GDP data, 2d estimate:
- 3% last week; now 3.3%, vs 3.1% expected. Best quarter since 3Q23.
- consumption looks good
- pricing index: 2%; no change;
Steve Liesman:
- very, very low jobless claims numbers; why the urgency for a rate cut?
Market; responds positively.