UNITED STATES

摘要

Q2 GDP growth was even softerthan previously announced. The economy grew by 1.3% (q-o-q annualized), down from 1.7% posted in the previous release. Consumer and business spending were also revised down while stockbuilding subtracted from activity on the back of the worst US drought in 50 years. The 2012 and 2013 GDP outlook has slipped this month as a result. Given that the drought extended into the summer months, Q3 likely also saw a retrenchment. Farming is not the only sector to have traversed a rough patch: industrial production contracted by 1.2% (m-o-m) in August, reined in by a 3.6% (m-o-m) drop in utilities output.