The economy grew at a 4% pace in Q2 says the government in its first estimate of that quarter's activity, well past expectations for 3% growth. Still revising Q1's numbers, that quarter's decline of 2.9% was adjusted to a fall of just 2.1%.
On the inflation front, the PCE index - the Fed's preferred price gauge - rose a speedy 2.3% in Q2 vs. 1.4% in Q1. It's the fastest pace since 2011 Q2. Core PCE rose 2%, up from 1.2% in Q1.
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