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Headlines from the US have been dominated by politics over the last few days, with the Republican National Convention coming fast on the heels of the DNC.
However, on the last day of the political stage-making, the market’s attention can abruptly turn back to economic data with the release of the second reading of GDP figures for the last quarter.
Just before the end of July, the advance version was published. This showed the largest drop in the economy since, well, ever. Not surprising since most retail outlets across the country were closed.
However, given the communications and logistics issues due to COVID, the initial estimation is likely off. Therefore, we could see a substantial revision.
Other countries have also had major differences between the preliminary and final measures of their GDP.
What Are We Expecting?
The advanced reading marginally beat expectations. And, since then analysts have revised their projections. The consensus is that the Q2 quarterly GDP change was...
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