- Economic growth forecasts tracking above 3%. With half of the second quarter now in the rearview, consensus forecasts are tracking to 3.1% gross domestic productgrowth for this quarter, while forecasts from the Atlanta and New York Federal Reserve Bank’s show 4.1% and 3.1%, respectively. With economic surprises, on average, being to the upside, second quarter growth exceeding 3.0% would represent a very solid quarter and push full-year growth nearer to the 2.75-3.0% range we are expecting.
- Eurozone data disappoints. After a stretch of disappointing economic data from the Eurozone, the Citi Economic Surprise Index (which averages economic surprises compared to consensus expectations) has reached the lowest point since 2011. Later today on the LPL Research blog we dive into the contributing factors and what this means for the Eurozone going forward.
Monitoring the Week Ahead
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- Housing Starts & Building Permits (Apr)
- Germany: CPI (Apr)
- Eurozone: CPI (Apr)
- Italy: CPI (Apr)
- Philadelphia Fed Business Outlook (May)
- LEI – Leading Index (Apr)
- Russia: GDP (Q1)
- Japan: CPI (Apr)
- Germany: PPI (Apr)
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