The following statistics were released today on the state of the US economy:

The Commerce Department’s initial estimate of 2nd Quarter GDP is that it grew at a disappointing 1.5% annualized rate, down from a revised 2.0% in the 1st Quarter. The GDP Price index, an inflation measure, showed prices increasing at a 1.6% annualized rate. The main cause for the drop in growth was personal consumption expenditures, which fell from 2.4% in the 1st Quarter to 1.5% in the 2nd Quarter. Imports also jumped to 6.0% from 3.1%. On the plus side, as bad as this GDP report is, it was better than expected.

Reuters/University of Michigan’s consumer sentiment index was 72.3, a 0.3 gain from mid-month and a 0.9 decline from June.

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Dale Franks
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