US Q2 GDP grew 1.5%, about in line with expectations of 1.4% with a price deflator of 1.6%. Nominal GDP was up 3.1% vs expectations of 2.9%. It’s the weakest growth since Q1 ’11. A driver of the slightly better than estimated headline figure was a 1.5% rise in Personal Consumption vs the forecast of 1.3%. Also helping, investment spending grew 8.5% annualized led by a 7.2% increase in equipment and software spending. Residential construction rose 9.7%. Trade was a drag as Imports grew faster than Exports as was government spending which fell 1.4% led by state and local gov’ts. Inventories added .3 % of a pt to GDP. The new favorite inflation gauge of the Fed, the PCE, rose .7% headline and 1.8% core. Bottom line, the data speaks for itself in its quantification of the economic slowdown we’re experiencing with no improvement seen in Q3.