US GDP increased 1.7% (real seasonally adjusted annual rate) in this year’s second quarter, the Bureau of Economic Analysis reports. The pace of growth beat expectations by a hefty degree (based on the 1.0% growth consensus forecast via economists), although today’s “advance” GDP estimate from BEA is fairly close to The Capital Spectator’s average Q2 nowcast of 2.0%, which was published on Monday. Meanwhile, private nonfarm payrolls grew by a net 200,000 in July, according to today’s ADP Employment Report—a gain that also beat the consensus prediction from dismal scientists. It’s fair to say that today’s numbers offer more evidence that modest growth continues to dominate.
Daily Archives: July 31, 2013
ISM Manufacturing Index: July 2013 Preview
The ISM Manufacturing Index is projected to increase to 51.3 (moderately above a neutral 50.0 reading) in tomorrow’s update for July, based on The Capital Spectator’s average econometric forecast. The estimate reflects a slight rise from the previously reported 50.9 for June. The Capital Spectator’s average projection is below several consensus forecasts that are based on surveys of economists.