US GDP tracking update - Nomura

Analysts at Nomura explained their GDP tracking update.

Key Quotes:

"From the Census Bureau’s preliminary durable goods orders report, core shipments of capital goods were slightly stronger than we expected in January, implying more business equipment investment. 

From the advance indicators report, wholesale and retail inventories were stronger than our expectations in January, implying more inventory investment in Q1. 

Further, preliminary goods trade data for January indicate that the contribution from net exports to real GDP growth will likely be in line with our expectations. Altogether, we raised our Q1 real GDP tracking estimate 0.3pp to 2.1% q-o-q saar."