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mpc: 13 Estimated growth in Q1 was revised up slightly to 0.9% in the United States. The previous estimates had shown a large contribution from inventories, but this had been revised down, as had the strength of imports. Growth had now been in the 0.8% ­ 1.1% range in all but one of the past eight quarters. The slightly weaker Institute of Supply Management (ISM) manufacturing and non- manufacturing indices suggested, perhaps, a moderate deceleration in GDP in Q2, but that was consistent with what had been expected at the time of the May Inflation Report. With consumption still looking robust, long rates falling and house prices rising, there seemed to be little reason to expect growth to slow sharply in the near term. So it was puzzling why some measures of consumer confidence indicated that US consumers were worrying about job prospects.