US GDP rebounds. US gross domestic product soared beyond expectations in the second quarter of 2014, after the setback in the first quarter: according to the preliminary reading, it recorded +4%, against a forecast for +3%. The American data was back from a drop of 2,1% (data revised today from -2,9%) in the first quarter, in a period affected by bad weather. Another news that accelerates the strengthening of dollar and Wall Street futures: the greenback moves to an eight-month high on theeuro, which slips to 1,337. The governor of the Fed, Janet Yellen, will not be able to ignore these data.
The US Treasury Department also released other data. The change in corporate inventories, valued at $93,4 billion versus $35,2 billion in the first quarter, added 1,66 percentage points to GDP over the period, a sign that companies expect a sustained recovery over time leading to an increase of the question. Net of changes in inventories, the increase was 2,3% against the 1% contraction recorded in the previous three months. Corporate investments in the period instead grew by 5,5% while fixed residential investments increased by 7,5% after two consecutive quarters of decline. The government's contribution was also positive, increasing its expenditure and investments in the quarter by 1,6%. The government also revised the first quarter figure to reflect a 2,1% decline instead of the 2,9% reading a month ago.
