MW: Second-quarter GDP view slashed after trade data
By Steve Goldstein
WASHINGTON (MarketWatch) -- Forecasting group Macroeconomic Advisers cut its second-quarter GDP view by 0.4 percentage points, to 1.6%, after the release of May trade deficit data showing the largest gap since Oct. 2008. "Net exports were weaker than expected, and the composition of net exports suggests less equipment and software spending and inventory building in the second quarter. Also, updated production schedules indicate fewer assemblies in June than previously expected," the group said.
