Week of June 24th

07/02/2013 | Econ70 | Consumer Spending, downward revision, eisenberg and economy, Elliot eisenberg, GDP Growth, Graphsandlaughs, graphsandlaughs and economy, Home Sales, Q2 2013 GDP growth, Savings Rates, sequestration

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%.

Week of June 24th

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