Markets in a Minute - Welcome to Summer
By: Zac Martin
Author: Zac Martin, Investment Associate
Week Ending June 27th – Welcome to Summer
US GDP for Q1 reported a decline of -0.5%, which was revised lower from the preliminary estimates. Similarly to the first readings, net exports remained sharply negative contributing the most to the decline. However, consumer spending revised lower in each report, starting from 1.5% to 0.5%.
Personal Consumption Expenditures decreased on a month-to-month basis, decelerating to 2.3% on a year-over-year basis. This report was inline with consumer spending, reported in Q1 GDP.
The Consumer Confidence Index deteriorated for June, following last month’s pop. Consumer’s sentiment around the present situation declined slightly as 1.6% more of respondents categorized business conditions as “bad.” Forward expectations were less positive than the previous report, however, negative expectations also declined.
The Week Ahead:
- JOLTS Report (7/1)
- Nonfarm Payrolls & Unemployment Rate (7/3)
- ISM Manufacturing & Service PMI (7/3)
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