Michael Mckee, Bloomberg, Jackson Hole discussed on Bloomberg Surveillance
VIN Hello Tom good morning yes revised GDP data, from Washington, topping forecast second quarter now four point two percent annual growth rate. The, prior estimate four point one percent this four point two, percent more than forecast personal consumption consumer spending. Up, three point eight percent inflation. Gauge is little changed from the. Prior reading, three, percent two percent on the. GDP price index and core quarter over quarter, again GDP revised figures from the. Government topping forecast four point two percent edit Annual rate and higher than the. Initial estimate footnote from the Bloomberg based on the ten year moving average though GDP shows the economy has net, fully, bounced back from the financial, crisis the average still below two. Percent and before. You break up the, grape me hi. This, lags, the past. Six. Decades I'm viticulture is Bloomberg radio let's go back. To, the thank, you so, much it is. A difficult choice of how, to begin. With Michael Mckee, head of all of our, economics analysis international economics correspondent but is, it true. That you're knocking side Paxton Lynch to be the, number two, of the Denver Broncos this year I mean I've hardly seen you've. Been, out west Ted Kennedy solidified that position then all to, people who, care I have been informed but you've been out west, and I just assume it was to make, it with a bright I'll say we were, in Broncos country so certainly talk of. That there was a little I'll say in Jackson Hole they, wear Broncos orange it was religion out. There is. Well the religion of make? America, great again GDP among everyone we speak to. Michael Mckee is it's going to ebb away in, what I'm, seeing is a yeah but we may have a buoyant economy for longer than. We thought there's the data for, one was supposed to be four point oh, no, the vector goes the other way on the revision are we. Going to have a better economy for longer what's. You really can't tell from this data from what I have seen, so far there was an increase in intellectual property investment. And that suggests maybe some more business investment but consumer spending fell a little bit the biggest change was in imports. Were down, rather than up so that makes that makes x., yards little strong, what about the inventory number yeah Yesterday The Vittoria number yesterday suggests that we are building up even Tories and it may be because a lot of people were rushing to get ahead of the. Tariffs and we saw interesting report yesterday a drop in exports that was probably led by soybeans because there was a huge jump. In so I mean exports as people around the, front get in front of the. Tariff so we're maybe seeing some some tariffs. Story so it's like the first quarter weather. Data we're first quarter is always a, jumble and we blame it on winter storms that are we at that kind of uncertainty to three and q. four GDP, well we knew it's strengthened because the economy has gotten stronger cyclically and because of the tax, cuts the question is how strong for how long we don't know. Yet we're only in the second just ending the second month of the third. Quarter so we'll see how it goes for the rest of the. Quarter Mike Michael Mckee non-residential fixed. Investment Advised and that was healthy what kind of? Things, are they spending on well, it appears as, I said intellectual property investment basically software companies may be putting more money into that as. They tried to, boost productivity we don't non-residential isn't it? Like real estate tools, machinery and it's basically everything but it includes the software category under that non-residential fixed investment is is anything, that is, not a building And You we want to look at the components of. That in this, case it's intellectual, property which is a good. Thing software investment does suggest some investment to try to increase. Productivity so that supports the. Theme if you're investing in technology stocks in your investing in, software perhaps perhaps I'm not gonna draw to struggling because I'm not an equity analyst and any advice I would give you would you would probably lose. Money we ignore it anyway Gets John. Knows me too does Jackson Hole I mean I wouldn't let us say for all of a. Sudden team surveillance your work there did you use any. Bear at three AM enjoyed that it's not. Funny at three, AM no bears what's your up their forty one degrees. Yet your your, rockstar leather gloves from that dear you shut up through the elk or. Whatever you like eight years ago what was the message you took away from people make jobs the most? Boring, Jackson Hole since? Time began well you. Know what there's always something important what was it you steady as she goes to the fed has no. Plans to change, its rate path at this point they don't see any reason, to slow down or speed up so expect, something in September and maybe December but we'll. See how the data play out it was pretty calm meaning there wasn't a lot going on there because the topic wasn't directly related to monetary. Policy For your own food yeah well if your. Guests if you're if you're part of the event no you do pay a fee to be there and that much Food between now it's a thousand dollars okay All right and. That, doesn't come buy food. Or drinks, or, well it includes, turned down interest. Includes well food and drinks not. Down. Service these are cabins not luxury hotel. Okay Thinking, about going no. No You go down to the to, the square with the the what is it? That, way Oh the. Million dollar cowboy bar with Chairs we made it on. Saturday night we did a long. Way we also went to the? Rodeo did we little research out. There, you gotta have some cores light Well it wasn't course but Snake river, brewing company. Is, the local the, local What are, we what. Are we doing wrong the new economy Michael. Mckee thank you. So much for your economics greatly appreciate it worldwide this is, Bloomberg surveillance To Mr Michael Barr to find. Out what's, going on in the world, Michael thank you very much Pam thank you Tom President Trump has, weighed in on the race for governor of Florida his candidate, Ron descent is facing democrat Andrew gillum in the fall after yesterday's primary Trump tweeted this morning not only did congressman Ron Disentis easily win the Republican primary but. His opponent, in November is his biggest, dream failed socialist mayor named. Andrew gillum who has allowed crime in many of the problems to flourish in his city. In Tallahassee the scientists told. His supporters. We can get it done, I. Am committed to making Florida the number, one place for economic opportunity.