Monthly GDP rose 0.4% in June following a 1.1% increase in May that was revised up from a previously reported 0.7% gain. The increase in June was mainly accounted for by estimated increases in nonfarm inventory investment and net exports. Domestic final sales were essentially flat in June, as a solid increase in PCE was offset by decreases in fixed investment and the portion of monthly GDP not covered by the monthly source data. The data on monthly GDP through June are consistent with our latest tracking estimate of 2.9% GDP growth in the second quarter. Click here for more information on MA’s Monthly GDP measure.
Macroeconomic Advisers’ Pre-FOMC Briefing Webinar Thursday, July 20th 10:30 AM – 11:05 AM EST Ken Matheny, senior economist at Macroeconomic Advisers will discuss MA’s views of the policy and economic backdrop for the meeting and our expectations for near-term Fed policy. To find out how to register for the webinar contact Tonya Cooksey by phone (314.721.4747) or email ([email protected]).