The GDP inputs begin. Inventories were expected at 0.5% and company profits 5% so they’re on balance about right:
| Sales of goods and services (Chain volume measures) |  | | ||
| Manufacturing | | | |
| | Trend |
-1.0 |
-3.7 |
| | Seasonally Adjusted |
-1.4 |
-3.5 |
| Wholesale trade | | | |
| | Trend |
1.9 |
8.6 |
| | Seasonally Adjusted |
1.5 |
8.8 |
| Inventories (Chain volume measures) | | | ||
| Trend |
0.6 |
2.1 | |
| Seasonally Adjusted |
1.2 |
2.5 | |
| Company gross operating profits | | | ||
| Trend |
9.4 |
36.1 | |
| Seasonally Adjusted |
6.0 |
39.7 | |
| Wages and salaries | | | ||
| Seasonally Adjusted |
0.3 |
0.9 | |
The bigger support to GDP is inventories at 1.2%, higher than expected at 0.5%, which will add 1-2bps to estimates. My guess is that is big piles of iron ore that could not be big shipped owing to bad weather and big piles of goods that consumers refused to buy.
So maybe not so positive…
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