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US: Q2 GDP at 1.9% slightly weaker than expected

Posted by KBC Bank in August 1st 2008  
Q2 GDP grew by 1.9% according to the BEA advance report, compared to the consensus estimate of 2.3%, while the Q1 figure was downwardly revised from 1.0% to 0.9% and Q4 2007 from 0.6% to -0.2%. This raises the odds that the US economy slid into recession at the end of 2007. The official dating will be done later by the NABE. Looking at the details, consumption growth was weak, up only 1.5% after 1.0% in Q1, despite the distribution of the tax rebate checks. Government consumption rose 3.4% Read More...

Filed under: Fundamental