On Friday, the Commerce Department confirmed that Q2 GDP growth was 1.6%. Many of the details pointed to good news for the U.S. Economy. With inflation almost non-existent the report also shows that year over year the economy is up 3.0% Reading surprised almost all analysts to on the upside.
Many stock traders focused on the U.S. final sales number of the report. Real final sales to domestic purchasers was revised up to 4.3% from the initial estimate of 4.1%
So even though overall economic growth slowed from the first quarter's 3.7% pace, domestic demand was actually stronger-4.3% compared to 1.3% in the first quarter.
In summary, the latest GDP revisions report is quite supportive of continued recovery for the U.S. economy for the foreseeable future.
When all you read is gloom, turn here for a much different perspective.