Economic Update July 5, 2022

• Economic data for the week included U.S. GDP for the first quarter being revised down slightly, while personal income and spending have remained relatively strong. Durable goods and home prices also showed higher readings, the ISM manufacturing survey showed expansion but at a lower rate, while consumer sentiment has continued to deteriorate.
• Global equity markets declined again, ending a poor quarter, due to ongoing fears of a potential central bank-fueled recession. Bonds, however, fared positively in the U.S. as interest rates fell back from highs. Commodities declined, as economic slowdown fears have caused a pullback in prices for metals and grain supplies have moved higher.

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LSA Connect, July 5, 2022