Economics Headlines
· GDP last quarter was revised down from a 5.9% annual rate of increase to a still-robust 5.6% pace. The revisions came in close to expectations and were mostly accounted for by lower nonresidential structures (from -13.9% to -18.0%), consumption (from 1.7% to 1.6%) and inventories (from -$16.9bn to -$19.7bn). The Q4 core PCE deflator was revised up from 1.6% (q/q, saar) to 1.8%. Feroli
· US Pre-tax corporate profits, adjusted for the inventory valuation and capital consumption effects, increased a solid 8.0% (non-annualized) last quarter and were up 30.6% over a year ago. By industry, financial, manufacturing, and information sector profits were all strong. Strikingly, nonfinancial corporate profits were up 8.7% even as the price on output for this sector fell at a 2.6% annual rate. Feroli
· Michigan confident said came in 73.6 vs. St 73
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