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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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- Price and labor pressures may have softened in the latest month, but GDP growth has been coming in comfortably stronger than expected. It started with the third release for Q1 GDP growth surprisingly being revised from 1.3% to 2.0% contrary to just the 1.4% expected.
- Private consumption played a healthy role in this upward revision, shifting from the previously thought 3.8% to 4.2% for a fresh high since 1H21, along with exports.
- This relative consumer strength has continued, as even though overall retail sales disappointed for June, the control group that more directly feeds into national accounts came in twice as strong as expected at 0.6% M/M in June along with an upward revision.
- Along with a slew of other releases, it has left the Atlanta Fed’s GDPNow tracking at 2.4% for Q2 growth after steady upward revisions, stronger than the 1.8% tentatively estimated by analysts in the Bloomberg survey for the Jul 27 Q2 advance release.
- There is however one important caveat to the national accounts data and it’s that whilst GDP has been solid, an alternate approach in real gross domestic income (GDI) still fell -1.8% in Q1 despite upward revisions. The upshot is that average GDP and GDI growth in Q1 was just 0.1% annualized in a puzzling soft patch considering the strength in the expenditure accounts.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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