U.S. Outlook: Glass half-full or half-empty?
Chief Economist
The mixed picture of U.S. economic growth continued this week, and the May jobs number was more than disappointing.
Rough news about construction and manufacturing sectors was largely offset by the firming of personal spending in April.
For more details about what’s going on, see highlights of my report below, followed by a link to the full U.S. Outlook, delivered on June 3.
Key observations:- Economic surprises have turned neutral in recent days.
- U.S. construction spending fell 1.8% in April, the worst monthly drop for total construction spending since January 2011.
- Real consumer spending increased at a sizzling 8% rate on an annualized basis in April.
- Overall we still see the economic outlook as half-full rather than half-empty today.
