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.