The unofficial start of summer came a week early this year, but it doesn’t appear to be an advantage for Hollywood.
The first weekend box office take was the lowest since 2001, as US consumers make hard decisions of how to use best their meager salaries.
Friday we get the second read on GDP, which printed a 0.2% annualized last month. Wall Street consensus has it slightly negative, which is sugar-coating the result.
They cite strong dollar and port strike as hurting exports, which is usually the lagging data that lifts the second read.
However, we may get other adjustments out of Commerce Dept. to raise the bar.
I believe it will come in at -1.25% for the quarter as consumer spending tag teams with exports to crush any semblance of recovery.
Naturally equities will soar, since any crimping of easy money goes out the window.
As I have said repeatedly this year, no rate rise in 2015, since we will be in recession by summer.