The rebound in growth has been sensational
There has been a steady, improving trend in the GDP outlook for the third quarter as economies reopen and consumers continue to spend.
The above image shows the slow grind higher in the consensus, even as the Atlanta Fed tracker soars.
Outside of the US, it's a similar story. The latest Bloomberg survey of Canadian economists shows them now seeing a 45% annualized expansion in Q3, up from 35% in the prior survey. That's coupled with tempered Q4 and 2021 forecasts but it shows much more of a V-shaped recovery than previously.
What's helping the latest leg in both countries is the improvement from the consumer. Here is the latest US card-spending tracker from JPMorgan:
