GDP gets help from lower deflator/Claims dip again

Q2 GDP rose 2.4%, above the estimate of 1.8% and the sole reason for the beat was the lower than expected price deflator coming in at 2.2% instead of 3% as expected. Thus, nominal GDP was 4.6% vs the forecast of 4.8%. Core PCE was up 3.8% annualized, a touch below the estimate of 4%.

In terms of components, personal consumption was a bit better than expe…