Revision on the back of the lower goods trade deficit
We have seen Goldman raise their estimate for 2Q GDP to 3.7%
Barclay's moved up to 3%.
Now JP Morgan is in with their new GDP estimate.
By their calculations, they now see GDP up to 2.75% from 2.25% from their last estimate. That is a healthy increase but they still are much lower than the other estimates.
Today the US announced the revision to 1Q to a lower 2.2% from 2.3%. That was lower than expectations of 2.3% (unchanged). Personal consumption which accounts for 2/3 of GDP, fell to a low 1.0% from 1.1% previously and 1.2% expected.
