Although it doesn’t feel like a recovery for everyone (see here) the economy does appear to be moving in the right direction. Goldman Sachs is now reporting that Q2 GDP was much stronger than expected at 4.7% (via Business Insider):
Goldman Sachs revised its estimate of second-quarter GDP growth to 4.7% on Thursday, based on new data from the Census Bureau’s Quarterly Services Survey (QSS).
Stronger-than-expected healthcare spending growth led to the revised Goldman estimate of 4.7%, which was up 0.5% from the Bureau of Economic Analysis’ second advance estimate of 4.2%.
That’s well above the consensus of 4.2%. Q3 is still estimated to come in at 3.1% as growth moderates after the big seasonal snapback. Steady as she goes….