GDP tracking update: raised Q2 real GDP estimate by 0.3pp – Nomura

Analysts at Nomura offered their GDP tracking update as follows.

Key Quotes:

“The increase in personal consumption expenditure in April was slightly stronger than expected.”

“Further, backward revisions suggest more momentum in personal spending growth in Q2. Thus, after rounding, we raised our Q2 real GDP tracking estimate by 0.3pp to 3.8% q-o-q saar.”