All Eyes on Yellen
|U.S. Review
All Eyes on Yellen
- In a highly anticipated speech this week, Fed Chair Yellen said that the economy is nearing the Fed’s goals.
- New home sales jumped 12.4 percent in July. In contrast, existing home sales fell last month, and look to be restrained by low inventories and deteriorating affordability.
- Durable goods orders rose 4.4 percent in July, supported by the strongest gain in core capital goods orders since January.
- The second estimate of Q2 GDP reaffirmed growth was weak last quarter, rising only 1.1 percent.
Global Review
U.K. Growth As Expected; Argentina’s GDP Declines
- Growth in the U.K. economy came in as expected, up 0.6 percent (quarter-over-quarter) in Q2 with strong personal consumption expenditures and investment numbers, up 0.9 percent and 1.4 percent respectively. Government expenditures, on the other hand, were down 0.2 percent while real exports of goods and services were also weak, increasing only 0.1 percent.
- In Argentina, the economy recorded a negative growth rate in Q2 due in part to the removal of subsidies for utility consumption. The Argentine economy dropped 1.3 percent during the first half of the year compared to the same period a year earlier.
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