Economic Update

JP Morgan
By July 30, 2019 17:56

Economic Update

The first estimate for 2Q19 real GDP growth came in at 2.1%, a little stronger than the consensus expectation of 1.9%. Real government spending, which grew at 5% annualized in the second quarter, and real consumer spending, which grew at a very strong 4.3%, were positive contributors to growth, while a 0.8% decline in business fixed investment, slower inventory growth and weaker trade detracted. Looking forward to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace and trade numbers should continue to be weak. However, home-building and business fixed investment should return to positive growth leading to a more balanced, if still slow, pace of economic growth – possibly tracking below 2% until inventory growth stabilizes.

JP Morgan
By July 30, 2019 17:56

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