Yes, we have our second look at the second quarter excuse me, third quarter GDP. Our last look was up two six. Boy, we zoomed up to two 9% and added 310. Very unusual, up two nine. On the consumption side, we improved by three-tenths from one four up to one seven.
On the pricing index, four three versus four 1%. And four three is very interesting on the price index because the high watermark there goes back, all the way back to 9% in June of 2002. We have made great strides there.
And if we look at the core personal consumption expenditure, quarter over quarter, that's up four six. The high watermark there was 6%, and that was in June of 2021. That was the highest level since 1983.
And by the way, on the pricing index, that was up 9% in June, which was the highest since 81. So we have made strides there. But I do want to point out that 4.6 is sequentially higher than 4.5 on our last look.
And that is something to point out on the advanced trade balance, which, of course, is a deficit, we're at 99 billion. Wholesale inventories are up by 810. We're expecting up to 510. And retail inventories, were down 210 1%, down two-tenths.
In this case, that's probably not a bad thing. If we summarize, we've seen yields creep up just a little bit. The tenure is nearly unchanged, right around 374 percent. Everybody continues to pay attention to China.
And even though the news seems to be improving a bit, there are a lot of effects of what's been going on, whether it's the demonstrations, the hardcovered policies, their service, PMIs 46 seven. They're composite of 47% .1 in China.
These are super, super weak numbers, and they're on pace for their lowest GDP in four decades. These are things to pay attention to. Becky. Back to you, Rick. Stay with us. We're going to want more of your input in just a moment, but let's check in with Steve Leesman as well.
Steve, what do you think of these latest numbers on top of the ADP? Yeah. Again, at least this quarter or even early, late last quarter, was the one where we're supposed to be slipping into recession.
Instead, in the second half of this year, the economy has rebounded from those two negative numbers we got in the first half, which, again, were not essentially the core of the economy. They were not consumer spending and business spending.
These revisions on two nine came because and Rick was right to be surprised, you had upward revisions to business spending and consumer spending. Those were the keys right there. And remember, this is real GDP.
So this is after we get done, taking into account the 4% inflation that Rick reported. So nominal GDP is going to be six nine or up near 7%. So we took care of inflation, and we spent two 9% or had 2.9% more additional activity at an annualized rate.
So I'm interested to see what happens to the outlook for the fourth quarter. But as you recall, Becky, we were tracking in the CNBC rapid update about a 2% growth rate in the fourth quarter because of those strong retail sales numbers we had for October.
I to see those continue in November. But the Atlanta GDP now was up north of 4%. So when I think about what challenges Powell has today, what challenges the Fed has, this economy that is still at potential or in some cases, a little bit above potential.
I think that's one of the challenges for a Fed that wants to create slack in the economy.