US economic data has been coming in drastically below economists’ estimates of late. Last week we noted that the string of weak readings has been extra painful for housing, with a truly weak residential construction report and a slower than expected homebuilder confidence reading. It hasn’t been all bad news for US data of course; the Atlanta Fed is currently tracking 2.9% GDP in Q2, while the St. Louis Fed model sees 2.32% and the NY Fed is tracking 1.86%. With trend growth around 2%, none of those are terrible. Relative to estimates, however, the data has been much weaker.

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