Answer: a lot. The growth rate for the U.S. economy in the second quarter was revised upwards to 3.3 percent -- almost double the initial estimate. I'd guess the odds are the final figures will be even higher. Why? Inventories were a drag, but not as bad as initially reported -- meaning firms are re-stocking. Exports boomed, adding a half a percentage point of growth in the preliminary revision alone.
Compare the updated figures to the original we published a month ago...
Unbelievably, the gloomy folks who refuse to believe the good news are calling the 3.3 percent rate a mirage. They say Q2 was an anamoly fueled by the "stimulus" from Congress. But look at the components and you see the mirage is a mirage. Consumption did not change from advance to prelim. The big movers are the improving trade numbers -- pretty strong data in favor of at least considering a vote on trade agreements with U.S. allies Korea and Columbia. Hello? Congress?
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