Was the US Q2 GDP revision so great?

The main changes to Q2 GDP came from revisions to non residential fixed investment, inventories and government spending.  But we must a) also remember that the prior GDP base had also been reset lower following the most recent GDP revisions and b) consumer credit growth has become increasingly important to GDP growth of late (as it has in places like UK):

Inventories remain in my opinion way out of whack and a risk to growth going forward:

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Investment remains on a relatively weak trend;

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Slightly stronger in real terms:

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But the star is intellectual property expenses:

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Over rolling 3 quarters the change in intellectual property ($bn) has become increasingly important:

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Q2 GDP data only really broke through levels set by old Q4 2014 data and Q2 2015 data do not benefit from the type of comprehensive data revision that Q1 data did:

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And consumer credit has continued to play an important role:

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See also:

Making sense of US employment data and the interest rate decision.  

US – Some interesting charts on income, GDP and new manufacturing orders from recent data

World trade shock and synchronised manufacturing slowdown…?

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