Analysts at Nomura offered their US GDP tracking update following the overnight data misses.
Key Quotes:
“The downward revision to inventory investment was weaker than expected, suggesting less contribution to real GDP growth from changes in inventories in Q2.”
“However, industry data on auto production plans suggest stronger growth in auto assemblies in June, implying more auto inventory accumulation. Altogether, after rounding, our GDP tracking estimate for Q2 remains unchanged at 4.9% q-o-q saar.”
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