Retail sales give estimates a boost today
With the better than expected GDP released today, the estimates for 2Q GDP has moved higher. Retail sales are a proxy for consumption. US consumption is 2/3 of US GDP.
Here are some of the numbers according to CNBC:
- Amhearst Pierpoint 4.9%
- Oxford economics, 4.9%
- Atlanta Fed, 4.8%
- Moody's, 4.0%
- Goldman Sachs, 3.9%
- CNBC GDP tracker 3.9%
- Barclays, 3.7%
- Bank of America, 3.7%
The NY Fed Nowcast estimate for 2Q GDP will be revised tomorrow. Last week it came in at 3.08%. The market will be looking for a revision higher tomorrow..
