US GDP tracking updates? - Nomura

Analysts at Nomura explained offered their GDP tracking update.

Key Quotes:

"Core capital goods orders were revised upwards to a 0.1% m-om increase in the final estimate for April from a flat reading by the advance estimate. 

This implies that there may be moderately more core equipment investment in Q2 than we have estimated. 

However, on a rounded basis, our Q2 GDP tracking estimate is unchanged at 2.7% q-o-q saar. As for Q1 GDP tracking, manufacturers’ inventories were revised upwards. 

This revision indicates that there may have been more inventory investment in Q1. We have raised our Q1 GDP tracking estimate by 0.1pp to 0.9%."