- Real GDP quarter/quarter seasonally adjusted, annualized +1.2%. Previous was +0.8%
- GDP price index quarter/quarter seasonally adjusted, annualized +2.2%. Previous was +0.5%.
Growth was about half of what was expected and follows an awful 1stQ which was even revised down. The Fed's statement of this week was that "that economic activity has been expanding at a moderate rate." I guess +1.2% is now a "moderate rate."
The reality is that economic growth is much too slow to sustain the continuing increase in debt. In a real sense a nation's health is measured by the Debt/GDP ratio.
Average GDP growth for the past 19 quarters is 1.94%.
Employment Cost Index (2ndQ2016)
- ECI quarter/quarter +0.6%. Previous was +0.6%
- ECI year/year +2.3%. Previous was +1.9%.
Chicago PMI (July 2016)
- Business Barometer Index 55.8. Previous was 56.8.
University of Michigan Consumer Sentiment (July 2016)
- Consumer Sentiment 90.0. Previous was 89.5.
This is derived from a survey of 500 households and is supposed to be a leading indicator of Consumer Spending.