Monthly GDP slipped 0.1% in July following robust increases over the prior two months. The small decrease in July reflected estimated declines in nonfarm inventory investment and net exports that were nearly offset by a solid increase in PCE and smaller increases elsewhere in domestic final sales. The level of GDP in July was 2.4% above the second-quarter average at an annual rate. Implicit in our latest forecast of 3.4% GDP growth in Q3 are increases in monthly GDP in August and September of 0.2% to 0.3% per month (not annualized). Click here for more information on MA’s Monthly GDP measure.
MA’s Chris Varvares, senior managing director at Macroeconomic Advisers, discusses jobs and immigration with Tyler Mathisen and Sue Herera on CNBC’s Nightly Business Report. Click here to watch the video.