Goldman Sachs on the data flow and their better projections that flowed from it:
BOTTOM LINE:
- The consumer confidence index was stronger than expected in June, jumping to its highest level since January 2022, as both the present situation and expectations components rose.
- The labor differential also improved.
- New home sales increased in May, also well above expectations, from a downwardly revised level.
- This morning's data indicated a firmer pace of residential, inventory, and equipment investment in the second quarter. We boosted our Q2 GDP tracking estimate by 0.4pp to +2.2% (qoq ar).
More on the data can found here:
US consumer confidence June 2023
US consumer confidence
