Once again we begin with the United States where consumer spending remains solid, with the July figures beating forecasts.
Personal income also continues to grow.
In response to the above data, economists are revising the Q3 GDP forecast higher again. Here is the consensus projection.
The latest nowcast model from the Atlanta Fed (GDPNow) also moved higher – still significantly above consensus (above).
1. In other US economic developments, inflation remains benign. Here is the core PCE.
Source: St. Louis Fed (FRED)
Similarly, the US “Trimmed Mean” PCE Inflation Rate (from the Dallas Fed) turned lower.
By the way, a paper from Dallas Fed points out that healthcare services, while having only a limited effect on the headline figure, generate a significant drag on the core PCE.NFTRH Premium for an in-depth weekly market report, interim updates and NFTRH+ chart and trade ideas; or the free eLetter for an introduction to our work. You can also keep up to date with plenty of actionable public content at NFTRH.com. Or follow via Twitter @BiiwiiNFTRH, StockTwits or RSS. Also check out the quality market writers at Biiwii.com.