Financial market overview

Moderate U.S. GDP Growth Expected to Persist in Q2

2023.07.26 08:27

James Picerno

Tomorrow’s initial estimate of US by the government for the second quarter (scheduled for Thursday, July 27) is expected to report that a moderate expansion continues, based on the median estimate via several sources compiled by CapitalSpectator.com.

Growth for the April-through-June period is on track to pick up slightly to a seasonally adjusted annual rate of 2.2% in Thursday’s release (July 27) by the Bureau of Economic Analysis. This median nowcast is modestly above the 2.0% rise reported for Q1.

GDP - Actual vs Expectation for Q2-2023

GDP – Actual vs Expectation for Q2-2023

Today’s revised estimate of 2.2% for Q2 marks a pick-up from the previous 1.9% estimate published on July 6. Encouraging, although economists overall are looking for a slowdown to 1.5%, according to the consensus point forecast via Econoday.com. This lesser view suggests there are larger downside risks to CapitalSpectator.com’s median nowcast than implied in the range of numbers shown in the chart above.

Meanwhile, new survey data for July points to a slowdown in economic activity for the start of Q3. The “US expansion loses momentum as service sector growth slows in July,” S&P Global reports in this week’s flash estimate of the US PMI, a survey-based GDP proxy.

S&P Global Flash PMI

Chris Williamson, the chief business economist at S&P Global Market Intelligence, said, 

“July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation. The overall rate of output growth, measured across manufacturing and services, is consistent with GDP expanding at an annualized quarterly rate of approximately 1.5% at the start of the third quarter. That’s down from a 2% pace signaled by the survey in the second quarter.”

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 95,807.67 1.54%
ethereum
Ethereum (ETH) $ 3,312.51 2.16%
tether
Tether (USDT) $ 0.999306 0.00%
xrp
XRP (XRP) $ 2.21 1.54%
bnb
BNB (BNB) $ 655.76 1.44%
solana
Solana (SOL) $ 180.44 2.77%
dogecoin
Dogecoin (DOGE) $ 0.311243 4.54%
usd-coin
USDC (USDC) $ 0.998991 0.04%
staked-ether
Lido Staked Ether (STETH) $ 3,310.40 2.42%
cardano
Cardano (ADA) $ 0.881779 3.98%
tron
TRON (TRX) $ 0.245135 0.01%
avalanche-2
Avalanche (AVAX) $ 36.92 4.13%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,932.78 2.32%
chainlink
Chainlink (LINK) $ 21.75 4.78%
the-open-network
Toncoin (TON) $ 5.38 1.08%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,564.60 1.66%
shiba-inu
Shiba Inu (SHIB) $ 0.000021 3.36%
sui
Sui (SUI) $ 4.28 7.41%
hyperliquid
Hyperliquid (HYPE) $ 32.32 0.81%
stellar
Stellar (XLM) $ 0.354974 1.43%
polkadot
Polkadot (DOT) $ 6.87 2.73%
hedera-hashgraph
Hedera (HBAR) $ 0.257462 0.81%
weth
WETH (WETH) $ 3,316.81 2.01%
bitcoin-cash
Bitcoin Cash (BCH) $ 445.20 1.67%
leo-token
LEO Token (LEO) $ 9.27 0.09%
uniswap
Uniswap (UNI) $ 13.61 2.06%
litecoin
Litecoin (LTC) $ 100.11 0.36%
pepe
Pepe (PEPE) $ 0.000017 2.66%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,499.05 2.40%
near
NEAR Protocol (NEAR) $ 4.97 3.33%
ethena-usde
Ethena USDe (USDE) $ 0.99911 0.06%
bitget-token
Bitget Token (BGB) $ 4.13 2.39%
usds
USDS (USDS) $ 0.996795 0.15%
aptos
Aptos (APT) $ 9.22 5.98%
internet-computer
Internet Computer (ICP) $ 9.84 5.86%
aave
Aave (AAVE) $ 297.33 3.11%
crypto-com-chain
Cronos (CRO) $ 0.155836 3.60%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.474782 1.66%
mantle
Mantle (MNT) $ 1.16 2.03%
ethereum-classic
Ethereum Classic (ETC) $ 25.86 2.06%
vechain
VeChain (VET) $ 0.045327 2.25%
render-token
Render (RENDER) $ 7.05 3.11%
monero
Monero (XMR) $ 190.56 1.20%
whitebit
WhiteBIT Coin (WBT) $ 24.30 0.61%
mantra-dao
MANTRA (OM) $ 3.66 4.02%
dai
Dai (DAI) $ 0.99902 0.11%
bittensor
Bittensor (TAO) $ 453.84 2.23%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.25 3.90%
arbitrum
Arbitrum (ARB) $ 0.74309 2.65%
kaspa
Kaspa (KAS) $ 0.119928 1.41%