Before You Pop the Champagne Corks Over That GDP Report...

GDP for the second quarter was revised higher this morning to an annualized 3.8%, up 0.5% from the last estimate. Most of the improvement over the prior estimate was due to an upward revision in consumer spending.

That’s good!

But before you pop the champagne cork…

Take a look at the chart below.

There’s a lot of moving parts here, but I can keep it simpl…