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GDP Tracker Shrugs Off Soft Wholesale Report

US DATA
  • The Atlanta Fed reports that today’s wholesale trade report for April hasn’t meaningfully altered its Q2 tracker, despite a decent-sized miss for the trade sales component at 0.2% M/M (cons 0.9) after -2.7% (initial -2.1%) in March.
  • Private domestic investment is revised down 0.2pps to a still very strong 8.7% annualized, with the GDP equivalent unchanged after rounding at 2.2% annualized.
  • If accurate it would see GDP growth accelerate from 1.3% in Q1 after a volatile 2022 with 2.9% averaged in 2H22 after -1.1% in 1H22.

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