US GDP revised down ahead of Bernanke speech

The US Commerce Department has said US GDP rose at an annualised rate of 1% in the second quarter, down from an earlier estimate of 1.3%.

The lower headline figure was driven by downward revisions to both export growth and private inventory investment numbers. Net trade figures added 0.1 percentage points to growth, down from a previously estimated 0.6 percentage points. Annualised consumption growth was revised upwards, however, from 0.1% to 0.4%, with final sales to domestic purchasers revised up from 0.5% to 1.1%. US stock futures dipped on the news, but investors main focus remains the Jackson Hole meeting of central bankers later this afternoon. Capital Economics' senior US economist Paul Dales said the figures ...