Economic Growth - The U.S. economy expanded at a faster pace than initially estimated in the second quarter, with a real GDP growth rate of 3.3% annualized, up from the preliminary estimate of 3% [1] - Net exports contributed nearly 5 percentage points to GDP, marking a historical high, contrasting with the previous quarter when net exports had a negative impact on GDP [1] Corporate Investment and GDI - The Gross Domestic Income (GDI) surged by 4.8% in the second quarter after a 0.2% increase in the first quarter, indicating a strong rebound in economic activity [1] - Corporate profits, which are included in GDI data, increased by 1.7% in the second quarter following the largest decline since 2020 in the first quarter [2] Labor Market - Initial claims for unemployment benefits decreased by 5,000 to 229,000, indicating that employers are retaining existing employees despite economic uncertainties [2] - The labor market remains resilient, with a focus on upcoming employment data from the ISM Purchasing Managers Index, ADP private employment data, and the U.S. non-farm payroll report [2] Federal Reserve Outlook - Signs of a cooling labor market have become a focal point for Federal Reserve officials, with expectations that the Fed may lower interest rates in the upcoming policy meeting [3]