Jul
02

Week of June 24th

Despite a huge downward revision of Q1 GDP growth from 2.4% to 1.8%, data for Q2 look decent. Durable goods orders look OK, home sales are good and despite sequestration and the payroll tax increase, consumer spending is holding up surprisingly well and savings rates actually edged up to 3.2% in May from 2.8% in April. Given the continued economic headwinds, however, Q2 GDP will be no better than 1.5%.

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