U.S. Economic News
April 26, 2019
U.S. Economic Indicators
The first estimate of Q1 GDP indicates that the U.S. economy expanded at an annualized rate of 3.2%, well above the consensus estimate of 2.3%. The reading reflects positive contributions from personal consumption, private inventories, net exports, government spending, and business investment, which were partially offset by a decrease in residential investment. BEA Report
The University of Michigan Consumer Sentiment Index declined 1.2 points to 97.2 in the final April reading and is down 1.6 points from a year ago. The Index of Consumer Expectations fell 1.4 points to 87.4, while the Current Economic Conditions Index eased 1.0 point to 112.3. University of Michigan
U.S. News
The New York Times reports that President Trump and Japanese Prime Minister Abe will meet today to discuss a bilateral trade deal that could give U.S. farmers and ranchers greater access to Japan’s market and prevent increased tariffs on Japanese cars. President Trump is facing pressure to from domestic agricultural producers disadvantaged by the withdrawal from the Trans-Pacific Partnership. NYT
The Wall Street Journal reports that the euro is trading at a nearly 2-year low against the dollar, reflecting growing skepticism about the possibility of an economic rebound in Europe this year. Expectations are muted for upcoming manufacturing data from the U.K., France, and Germany, while the latest U.S. GDP estimate should improve investor confidence in U.S. growth prospects. WSJ