Exposure rates of the Dorval Asset Management Range – 26th July 2019

Growth in the US economy came out at 2.1% in the second quarter, a nudge above the consensus but short of the 3.1% posted in the first quarter of the year. 

This figure makes for a good illustration of the current divergence between the manufacturing sector and the rest of the economy. The GDP components that are most exposed to the manufacturing industry (change in inventories, investment and net exports) all made a negative contribution, while as expected, personal consumption expenditures surged a strong 4.3% after sluggish figures over the two previous quarters i.e. 1.4% and 1.1%. The only pleasant surprise came from government spending, which jumped 5% and contributed 0.85 points of GDP.

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