The WSJ with the basic stuff:
The Commerce Department Friday said gross domestic product rose at an annualized seasonally adjusted rate of 1.3% in April through June, while first-quarter growth was revised down sharply to a 0.4% rate from the earlier estimate of a 1.9% gain. A big reason behind the downward revision in first-quarter growth was that the inventory buildup by companies was less than initially estimated, while outlays by the federal government and consumers were also revised down.(…)
The first estimate of the economy’s benchmark indicator for the second quarter showed growth was supported largely by business investment and exports.
But consumer spending, a big engine for the U.S. economy, made a much smaller contribution to growth. Spending edged up by an annualized rate of 0.1% in April through June, the weakest it has been in two years, after a 2.1% gain in the first quarter. (…)
The core inflation rate — which excludes volatile moves in food and energy prices and is closely watched by the Fed — increased 2.1% from the previous quarter. That rise, the biggest since the last quarter of 2009, followed a 1.6% gain in the first quarter.
The overall price index for personal consumption expenditures increased by 3.1% in the second quarter, down from the 3.9% rise over the previous three months.
From the FT:
And in case that wasn’t bad enough, the great recession was even greater than first thought: data suggests that output contracted by a cumulative 5.1 per cent from 2007 and 2009, rather than the 4.1 per cent previously assumed.
Bespoke has the revisions charted:
CalculatedRisk charts the $billions before and after, showing that the US economy is still not back to its previous peak: