US Equity and Economic Review For August 24-28

     The strongest news of the week was the upward revision of 2Q GDP from 2.3% to 3.7% (Q/Q).  All sectors contributed.  Personal consumption expenditures increased 3.1% with contributions from durable goods purchases (+8.2%) and non-durable goods (+4.1%).  Residential construction increased 7.8% while non-residential was up 3.1%.  Equipment was down .4%, but this can be attributed to oil sector’s weakness.  Finally, exports increased 5.2%.  Overall, this report was very encouraging, especially considering 1Q weakness.

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