The First Quarter Gross Domestic Product showed a 3.2% annualized rate of growth, compared to the 5.6% advance in 4Q, while the forecast of economists called for output in the first quarter of the year to increase 3.3%. Personal consumption advanced 3.6%.
The GDP Price Index rose 0.9% and the core PCE (personal consumption expenditures) Index, which excludes food and energy, increased 0.6% in line with the 0.5% estimate.
The final University of Michigan’s Consumer Sentiment Index was revised higher from 69.5 in the preliminary report to 72.2 in April, compared to the increase to 71.0 that had been expected. However, the reading for this month was below the 73.6 in March.
Chicago PMI rose more than anticipated, advancing from 58.8 in March to 63.8 in April, compared to the rise to 60.0 that was forecast.
Details from Bloomberg....
Magnificent Seven Update
Weekly Analysis Of Magnificent Seven ETFs
