gross domestic product (GDP) growth was revised upward for the second quarter, to 1.3% from 1.1%. The number was a bit above the projections for economic growth rate to remain at 1.1%, and still shows a slowdown from the first quarter's fast 5% pace.
The revision was concentrated in the trade data, as imports were revised higher and imports lower. This was slightly offset by a downward revision of inventories. The GDP price index was revised slightly higher, but just reflecting the changed mix of product.
Overall, the revision is minor, and has no significant impact on S&P's forecasts or Federal Reserve policy. Consumer Sentiment Slips
The University of Michigan reported that consumer sentiment fell to 86.1 in September, from 87.6 in August and a preliminary reading of 86.2. The number met the market consensus forecast.
The current conditions report fell to 79.9 from 80.6 in August, while expectations fell to 95.8 from 98.5. The pattern is the opposite of the Conference Board survey, although the drop is only slightly more. The weak confidence gives the Fed more reason to ease.