Economic Update

JP Morgan
By September 3, 2019 08:52

Economic Update

The second estimate for 2Q19 real GDP growth came in at 2.0%, slightly below the first estimate of 2.1%. There were downward revisions to government spending, exports, inventories and housing that were partially offset by an upward revision to consumption. 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. Slower business investment spending has been evident in the economic data, with durable goods orders falling -0.4% m/m excluding transportation, despite a 2.1% m/m headline increase. A solid consumer confidence reading of 135.1 bodes well for consumer spending ahead, which rose 0.6% m/m in July. 

JP Morgan
By September 3, 2019 08:52

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