By: Bloomberg Finance L.P. and Wells Fargo Economics

Bloomberg Finance and Wells Fargo Economists have updated their Weekly Economic Indicator Forecasts.

The most significant changes in expectations came from:

  • Factory Orders increasing from 0.3% to 2.6%
  • Nonfarm Productivity changing direction from -2.1% to 2.2%
  • Unit Labor Costs dropping from 4.2% to 2.1%

These changes in expectations come following the positive Q2 GDP growth report from this week. GDP in Q2 grew by a 2.4% annual rate surpassing consensus expectations of 1.8%. Much of this growth came from personal consumption and business fixed investment.