GDP tracking update - Nomura

Analysts at Nomura offer their latest update to the U.S. GDP tracker.

Key Quotes:

"We incorporated additional granular source data from the BEA on inventory investment. The new data suggest less inventory investment in Q1 than we had expected after the business inventory report for March on Friday.

To that end, we revised down our Q1 GDP tracking estimate by 0.3pp to 0.9% from 1.2%.

More inventory drag in Q1 implies less inventory adjustment in the following quarter and pushed up Q2 GDP tracking estimate by 0.1pp to 2.0% from 1.9%."