U.S. Outlook: No worries, mate — rebound continues

Scott Anderson
Posted by Scott Anderson
Chief Economist

A window of opportunity for U.S. domestic demand appears to be blossoming uninterrupted by negative economic and financial headlines around the world.

Graph showing recent GDP readings, along with forecast for next several quarters.It’s been another week of better readings on U.S. housing, initial jobless claims, and leading economic indicators.

For more on this and other developments this week, see my full report. Highlights are outlined below, followed by a link to the full U.S. Outlook report, delivered on July 24.

Key observations:
  • Lower gasoline prices should add to consumers’ disposable spending power at a time when wages appear to already be inching higher.
  • Existing home sales jumped 3.2% in June and are now nearly 10% above year-ago levels.
  • The Conference Board’s Leading Economic Indicators index over the last three months has been rising like it did before last summer’s growth explosion, implying strong second-half growth ahead.
  • While I think a September rate hike is likely, I don’t expect the FOMC to tip its hand at the July meeting.
Click here to read my full report.

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