US economic growth disappoints again in Q2 – Wells Fargo

Research Team at Wells Fargo Securities, notes that the US GDP growth expanded at a 1.2 percent pace in the second quarter with consumer spending serving as the key driver of overall economic activity.

Key Quotes

“Fed officials this week decided against a rate increase but signaled that improving economic conditions and greater labor market utilization will likely lead to a rate hike later this year.

Durable goods orders fell again in June implying that the headwinds facing the manufacturing sector are likely to continue in the months ahead.”