US real GDP growth accelerated to an annualised rate of 4.0% in 2Q14, with a higher than expected inventory build-up making a significant contribution. More forward looking indicators suggest Q3 growth should stay robust if the current trend continues. Composite survey data (mix of manufacturing and services sectors) from the ISM and Markit both have activity accelerating to new highs in the current economic expansion. That said, indicators on the health of the labour market were mixed. Non-farm payrolls disappointed, coming in at 209,000. In contrast, initial jobless claims have been steadily decreasing over the past month. Elsewhere, those market participants fearing a near-term rate increase would have welcomed the inflation data over the past month. After rising in recent months, core CPI slowed to 0.1% m/m in July, while hourly wage growth is running at 2.0% y/y.