Weekly Economic & Financial Commentary
A Mostly Disappointing Week for Economic Data
· The third look at first quarter GDP showed that the economy contracted at a 2.9 percent pace. A sizable portion of the downward revision was due to softer-than-estimated consumer spending for the quarter.
· Housing market data came in better than expected with both new and existing home sales posting impressive gains.
· Durable goods orders fell in May after three months of rather impressive gains. Core capital goods shipments data signaled a stronger pace of business investment for the second quarter.
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