LAST WEEK

News & Commentary Weekly Highlights:

• New York Times: Parliament Approves Referendum; Greece’s Future Hanging in Balance (Saturday)
• Wall Street Journal: Obamacare Wins One, America Loses (Thursday)
• Real Clear Markets: Social Security Is the Titanic Headed for the Iceberg (Thursday)
• Wall Street Journal: Slower Quarters Leave U.S. Economy’s Expansion Stuck in First Gear (Wednesday)
• Forbes: CBO Has No Idea What the Repeal of the Affordable Care Act Means for the Economy (Tuesday)

 

Top Economic Indicator Highlights:

Gross Domestic Product (third estimate, Q1)

• Real GDP Quarterly Change (annual rate): -0.2%, Previous quarter: 2.2%, Recovery avg.: 2.2%
• Noteworthy: Overall, the quarterly change in real GDP (annual rate) remained in negative territory from the second estimate to the third estimate; the advance estimate was 0.2%, and the second estimate was -0.7%. Exports decreased less than previously estimated, while imports and personal consumption expenditures increased more than expected. The annual revision of the national income and product accounts will be released along with the “advance” estimate of GDP for the second quarter on July 30.
• Current Forecasts for Q2 2015: The Federal Reserve Bank of Atlanta’s current second quarter 2015 forecast for annualized real GDP growth is 2.1%, and Wells Fargo estimates 2.0%. Wall Street Journal’s survey of economists expects an increase of 2.6% growth.

 

THIS WEEK

Upcoming Economic Reports & Releases:

Major Indicators

• Pending Home Sales Index (10am, Monday)
• S&P Case-Shiller Home Price Index (9am, Tuesday)
• Motor Vehicle Sales (Wednesday)
• Institute for Supply Management Manufacturing Index (10am, Wednesday)
• Construction Spending (10am, Wednesday)
• Employment Situation (8:30am, Thursday)
• Factory Orders (10am, Thursday)

 

Chart of the Week: