Yesterday BEA released revised quarterly NIPA data through Q2, with the 2023 comprehensive update of the national economic accounts affecting the data through Q1. Today BEA released the monthly data underlying the quarterly data released yesterday (i.e. the monthly data through June corresponding to the quarterly data through Q2) as well as the data for July and August. After seeing today’s monthly data we’d put more emphasis on the point that the recent moderation in inflation from its post-pandemic peak looks more favorable than before.
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