Decent Data
07/30/2014 | | 2014 GDP, econ70, Economic forecasting, economist on radio, economist on TV, eisenberg and economics, Eisenberg and housing economics, Eisenberg and public speaking, Elliot eisenberg, funniest economist, funny housing economist, GDP, Graphsandlaughs, graphsandlaughs and eisenberg, housing sales, MLS, mortgage banking, Multiple listing service, politics and economics, Public speaking economist, Q1, Q2, www.econ70.com
Today’s Q2 GDP estimate came in at 4%, better than expected. Moreover, the dismal -2.9% estimate of Q1 GDP was revised up to -2.1%. As for the underlying components, consumer spending increased at a 2.5% annualized rate, which is solid, and housing grew, which beats the shrinking it’s been doing for the last six months! 2014 GDP should now reach 1.8%, not the 1.375% previously expected. Reasonably decent news.