US Q2 GDP tracking update revised higher – Nomura

Analysts at Nomura offered their US GDP tracking update post the trade and durable goods data.

Key Quotes:

“Given the stronger-than-expected net exports in May, we revised up our Q2 GDP tracking estimate by 0.7pp to 4.9% from 4.2%. Incoming information points to an acceleration in growth in Q2. While some of the positive contribution from goods exports could wane in coming quarters as trade disputes intensify and foreign growth slows, domestic demand boosted by expansionary fiscal policy should support economic activity.”