Despite what you hear from the TV pundits, the U.S.’s second quarter ended on weakness, and there is little evidence that economic acceleration occurred. In previous years, slow GDP growth in Q1 was followed by 3%+ in Q2. Not this time! The Atlanta Fed GDPNow model, which uses a lot of sentiment indicators, is all the way down to 2.4% for Q2. I suspect that the Commerce Department’s initial GDP …Read More