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J.P. Morgan Asset Management

December 9, 2019

Economic Update: Dec. 9, 2019

3Q19 real GDP growth was revised up to 2.1% q/q saar, driven by upward revisions to inventories, housing and consumption, although partially offset by downward revisions to government spending. Manufacturing produced mixed data, with the Markit manufacturing PMI moving up to 52.6, but ISM manufacturing remaining in contractionary territory at 48.1.

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J.P. Morgan Asset Management

December 2, 2019

Economic Update: Dec. 2, 2019

3Q19 real GDP growth was revised up to 2.1% q/q saar, driven by upward revisions to inventories, housing and consumption, although partially offset by downward revisions to government spending. Looking ahead, consumer spending appears to remain on track, rising 0.3% m/m in October.

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J.P. Morgan Asset Management

November 25, 2019

Economic Update: Nov. 25, 2019

The first estimate for 3Q19 real GDP growth came in at 1.9% q/q saar, driven by positive contributions from consumption, government spending and housing, which were partially offset by negative contributions from business fixed investment, inventories and net exports.

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J.P. Morgan Asset Management

November 18, 2019

Economic Update: Nov. 18, 2019

The first estimate for 3Q19 real GDP growth came in at 1.9% q/q saar, driven by positive contributions from consumption, government spending and housing, which were partially offset by negative contributions from business fixed investment, inventories and net exports.

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J.P. Morgan Asset Management

November 12, 2019

Economic Update: Nov. 11, 2019

The first estimate for 3Q19 real GDP growth came in at 1.9% q/q saar, driven by positive contributions from consumption, government spending and housing, which were partially offset by negative contributions from business fixed investment, inventories and net exports. Despite positive contributions, consumption and government spending decelerated, and weak business fixed investment spending deepened.

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J.P. Morgan Asset Management

November 4, 2019

Economic Update: Nov. 4, 2019

The first estimate for 3Q19 real GDP growth came in at 1.9% q/q saar, driven by positive contributions from consumption, government spending, and housing, which were partially offset by negative contributions from business fixed investment, inventories, and net exports.

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J.P. Morgan Asset Management

October 28, 2019

Economic Update: October 28, 2019

The third estimate for 2Q19 real GDP growth came in at 2.0%, driven by consumption and government spending that were partially offset by inventories, net exports and housing. Looking ahead to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace, and trade numbers should continue to be weak.

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J.P. Morgan Asset Management

October 21, 2019

Economic Update: October 21, 2019

The third estimate for 2Q19 real GDP growth came in at 2.0%, driven by consumption and government spending that were partially offset by inventories, net exports and housing. Looking ahead to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace, and trade numbers should continue to be weak.

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J.P. Morgan Asset Management

October 14, 2019

Economic Update: October 14, 2019

The third estimate for 2Q19 real GDP growth came in at 2.0%, driven by consumption and government spending that were partially offset by inventories, net exports and housing. Looking ahead to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace, and trade numbers should continue to be weak.

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J.P. Morgan Asset Management

October 7, 2019

Economic Update: October 7, 2019

The third estimate for 2Q19 real GDP growth came in at 2.0%, driven by consumption and government spending that were partially offset by inventories, net exports and housing. Looking ahead to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace, and trade numbers should continue to be weak.

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J.P. Morgan Asset Management

September 30, 2019

Economic Update: September 30, 2019

The third estimate for 2Q19 real GDP growth came in at 2.0%, driven by consumption and government spending that were partially offset by inventories, net exports, and housing. Looking ahead to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace, and trade numbers should continue to be weak. A more moderate consumer was evident last week, with consumer spending for August up just 0.1% m/m, and the prior month revised down to 0.5%, and consumer confidence dropped to 125.1 from 134.2. On business fixed investment, durable goods orders were slightly positive, but nondefense ex-air orders decreased.

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J.P. Morgan Asset Management

September 23, 2019

Economic Update: September 23, 2019

The second estimate for 2Q19 real GDP growth came in at 2.0%, slightly below the first estimate of 2.1%. There were downward revisions to government spending, exports, inventories and housing that were partially offset by an upward revision to consumption. Looking forward to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace and trade numbers should continue to be weak. However, housing data was positive last week, with healthier-than-expected increases in both housing starts and existing home sales. Industrial production rebounded from last month’s weak reading, rising 0.6% m/m.

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J.P. Morgan Asset Management

September 16, 2019

Economic Update: September 16, 2019

The second estimate for 2Q19 real GDP growth came in at 2.0%, slightly below the first estimate of 2.1%. There were downward revisions to government spending, exports, inventories and housing that were partially offset by an upward revision to consumption. Looking forward to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace and trade numbers should continue to be weak. Retail sales for August were up a solid 0.4% m/m, but retail sales exautos were flat with downward revisions to the prior two months, reflecting a slight downshift in consumer momentum.

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J.P. Morgan Asset Management

September 9, 2019

Economic Update: September 9, 2019

The second estimate for 2Q19 real GDP growth came in at 2.0%, slightly below the first estimate of 2.1%. There were downward revisions to government spending, exports, inventories and housing that were partially offset by an upward revision to consumption. Looking forward to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace and trade numbers should continue to be weak.

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J.P. Morgan Asset Management

September 3, 2019

Economic Update: September 2, 2019

The second estimate for 2Q19 real GDP growth came in at 2.0%, slightly below the first estimate of 2.1%. There were downward revisions to government spending, exports, inventories, and housing that were partially offset by an upward revision to consumption. Looking forward to the third quarter, inventory growth should decline further while consumer spending and government spending will likely grow at a more moderate pace and trade numbers should continue to be weak.

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