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U.S. Watch

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U.S. Watch

Ole! Ole! Ole! Ole! The whole world is in the grip of World Cup fever watching "the beautiful game". Although the fervor is less so in the U.S., it is probably going to impact GDP growth in the second quarter given that most matches are during prime working hours. Despite some productivity losses, Q2 will still be an improvement over the prior quarter. The first quarter GDP definitely got the red card after a particularly poor showing. The negative 2.9% reading was the worst performance for the broadest gauge of economic activity since early 2009. More recent economic news suggests that there is momentum in the recovery after the Q1 stumble and the winter freeze is a distant memory. Housing activity is perking up and pricing trends remain positive. The employment base has finally recovered all the jobs lost during the recession, a significant symbolic marker for the economy. ISM indices have rebounded, indicating a broad-based pick up in manufacturing and services sector. And consumers are flocking to car dealerships as release of pent-up demand for cars and trucks collides with easier access to credit (at least for car buying). Maybe this positive momentum will rub off on Team USA. USA! USA! USA!

Source : CBRE Global Investors

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