USA: growth heading back in black

• The first estimate of Q2 US GDP was in line with our expectations showing that the decline in production is moderating. • A deeper inventory liquidation in Q1 and Q2 sets the stage for a rebound in growth in the coming quarters that is even stronger than we had previously expected. • The main takeaway from the benchmark revision is that the drop in growth last year was deeper than first estimated, leaving the plunge in payrolls at that time more “normal”. Details: US Q2 GDP posted a 1% q/q