After two quarters of contraction, US gross domestic product (GDP) is on track to recover in the third quarter, based on the median estimate for a set of nowcasts compiled by CapitalSpectator.com. But there’s a joker in the deck: the implied Q3 estimate based on the latest PMI survey data points to an accelerating slide in output that anticipates a deep recession.
Daily Archives: August 24, 2022
Macro Briefing: 24 August 2022
* Ukraine war at six-month mark, with no end in sight
* Putin reportedly thinks winter will favor Russia in its Ukraine war efforts
* US plans for $3 billion in new aid for Ukraine
* US military strikes target Iran-linked targets in Syria
* More Americans fall into poverty from inflation vs. pandemic or Great Recession
* Streak of falling US gasoline prices offers relief for drivers
* New home sales in US continue to slide in July
* US PMI survey data shows further contraction in business activity in August:
