“And even though first-quarter GDP growth came in stronger than initial estimates, Hollenhorst pointed out real consumer spending was revised down to a multi-year low.”
“He also sees the weak housing market potentially taking inflation down faster, with the core consumer price index expected to cool to an annual rate below 2.5% by August, down from 2.9% in May.”
“As for the labor market, Hollenhorst sees payrolls losing momentum this summer, starting with the upcoming June jobs report. Weekly jobless claims have been trending higher too.”
