The Dow Jones Industrial Average trades a shade beneath 53,500 and roughly 100 points lower on the session, after a 12:30 GMT data drop the wires filed as uneventful.
July core Personal Consumption Expenditures (PCE) prices rose 0.2% on the month and 3.3% over the year, both in line with consensus, and that is the figure rate expectations key off
The revisions to the second quarter printed at the same minute on the same page, and none of those were in line. The quarter got dearer without getting bigger The second estimate of second-quarter Gross Domestic Product (GDP) left real output exactly where the advance reading put it at the end of July, at an annualised 1.5%. Every price measure attached to that output moved higher.
The GDP price index went to 6.4% from 6.3%, quarterly headline PCE prices to 5.3% from 5.1%, and quarterly core PCE prices to 3.7% from 3.4%, with all three above a consensus that expected no revision at all. The reading is not ambiguous, because the statisticians found no additional output in the quarter and found that the output already counted cost more than first estimated. The whole revision landed in the deflator.