July 2019 Economic Recap
July kicked off with Christine Lagarde elected to be the new ECB President following the end of Mario Draghi’s term on October 31st. In related news, Boris Johnson was confirmed as U.K. Prime Minister, and continues to reiterate his intent to pull the nation from the EU by October 31st. Given serious disagreement within Parliament, including resignation by some ministers in response to Johnson’s election, the likelihood is high that a no-deal Brexit or general election could occur.
Finally, the first estimate of second quarter GDP came in at 2.1%, supported by personal consumption expenditures and government spending. Despite weakness in residential investment and net exports, the report was above expectations of 1.9%.
For a deeper consideration of the economic data released during July, please follow the links below: