The number: 1.7% is slightly ahead of expectations of 1.6%. Consumption ticked up 2.2%.
Of course, this is a really old number. Stocks are moving up, though not wildly so — after all, this is from an old period.
Background: This is the third estimate of Q2 GDP, and analysts are looking for a reading of 1.6%. This is the same as the prior revision of 1.6%. The initial estimate was 2.4% for the quarter.