US DATA: Q1 real GDP revised to +1.9%, as expected, mostly incorps new
trade and construction data. Slower PCE reflected less services – gas &
bank service charges were lowered. Q2 looks like continued slow growth.
GDP Components: Q2 Q3 Q4 Q1:12 Prl Q1 Rev Q1 Final
Real growth +1.3% +1.8% +3.0% +2.2% +1.9% +1.9%
Real final sales +1.6 +3.2 +1.1 +1.6 +1.7 +1.8
PCE +0.7 +1.7 +2.1 +2.9 +2.7 +2.5
Nonres fixed invest +10.3 +15.7 +5.2 -2.1 +1.9 +3.1
Res fixed invest +4.2 +1.3 +11.6 +19.1 +19.4 +20.0
Net Exprt Contrib add 0.24 add 0.43 cut 0.26 cut 0.01 cut 0.08 add 0.10
Inventory Contrib cut 0.28 cut 1.35 add 1.81 add 0.59 add 0.21 add 0.10
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Unemployment claims -6k to 386k in the Jun 23 wk. Still high, suggesting
lower payrolls growth. Jun avg is 387k vs 376k in May. Continuing claims
-15k to 3.296m for Jun 16 wk; was 3.278m in mid-May. No special factors.
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