Economics Group – Weekly Economic & Financial Commentary
U.S. Review
Economy Contracts in Q1, Stronger Growth Ahead
· Revised Q1 GDP figures showed that the economy contracted 1.0 percent, pulled down by weather effects along with much slower inventory building and weaker export growth.
· Durable goods orders for April rose 0.8 percent following a 3.6 percent jump in March.
· Consumer confidence rose modestly in May after slipping in April as more consumers were concerned about current economic conditions.
· April personal income rose 0.3 percent while personal spending declined 0.1 percent for the month.
Follow the link for for the full Wells Fargo Weekly Economic & Financial Commentary for May 30, 2014.
Tags: economy