SPDR S&P 500 (SPY)

[Two-timer]

What CNBS didn't really focus on this morning re. the GDP numbers (from another site). Two
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Real personal consumption expenditures decreased 1.2 percent in the second quarter, in contrast
to an increase of 0.6 percent in the first. Durable goods decreased 7.1 percent, in contrast to an increase
of 3.9 percent. Nondurable goods decreased 2.5 percent, in contrast to an increase of 1.9 percent.
Services increased 0.1 percent, in contrast to a decrease of 0.3 percent.

Real nonresidential fixed investment decreased 8.9 percent in the second quarter, compared with
a decrease of 39.2 percent in the first. Nonresidential structures decreased 8.9 percent, compared with a
decrease of 43.6 percent. Equipment and software decreased 9.0 percent, compared with a decrease of
36.4 percent. Real residential fixed investment decreased 29.3 percent, compared with a decrease of
38.2 percent.

Real exports of goods and services decreased 7.0 percent in the second quarter, compared with a
decrease of 29.9 percent in the first. Real imports of goods and services decreased 15.1 percent,
compared with a decrease of 36.4 percent.

Real federal government consumption expenditures and gross investment increased 10.9 percent
in the second quarter, in contrast to a decrease of 4.3 percent in the first. National defense increased
13.3 percent, in contrast to a decrease of 5.1 percent. Nondefense increased 6.0 percent, in contrast to a
decrease of 2.5 percent. Real state and local government consumption expenditures and gross
investment increased 2.4 percent, in contrast to a decrease of 1.5 percent.

The change in real private inventories subtracted 0.83 percentage point from the second-quarter
change in real GDP after subtracting 2.36 percentage points from the first-quarter change. Private
businesses decreased inventories $141.1 billion in the second quarter, following decreases of $113.9
billion in the first quarter and of $37.4 billion in the fourth.

Real final sales of domestic product -- GDP less change in private inventories -- decreased 0.2
percent in the second quarter, compared with a decrease of 4.1 percent in the first.