US Economic Update – June 2012
The recent weakness in jobs growth continued into May. It is probably, in part, a correction to the surprisingly strong […]
- The recent weakness in jobs growth continued into May. It is probably, in part, a correction to the surprisingly strong growth in early 2012. Indicators suggest that June quarter GDP growth will maintain the previous quarter’s modest pace.
- While we still expect GDP growth to strengthen in the second half of the year we have trimmed our growth expectations for 2012 (from 2.3% to 2.2%) and 2013 (from 3.1% to 2.9%).
- Recent developments have raised the chance of further Fed action. If early action were taken the most likely form would be a change to the Fed’s forward guidance or an extension of Operation Twist. Further QE is still possible, particularly if labour indicators remain soft or the Euro-zone’s problems worsen.
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About the Author
Tony joined NAB early in 2011 from the Victorian Treasury where he worked for 12 years on a range of issues, including state budget strategy and forecasting state taxation revenues.
Before this, Tony was in the Commonwealth Treasury for a decade, where he undertook work on macroeconomic forecasting, microeconomic reform and debt management.
Tony grew up in Canberra and graduated (with first class honours) from the Australian National University. He also holds a Masters degree in Applied Finance from Macquarie University.
