The US economy is expected to post a substantial rebound in the government’s initial estimate of second-quarter GDP that’s scheduled for release on Wednesday, according to the Capital Spectator’s median econometric nowcast. Following the surprisingly sharp 2.9% decline for Q1 GDP (real seasonally adjusted annual rate), the US Bureau of Economic Analysis (BEA) is projected to report a 3.2% increase for its “advance” Q2 data on July 30. The current nowcast for Q2 is slightly below last month’s update that anticipated a 3.3% rise.
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