DUBLIN: A temporary government shutdown with no end in sight, rising trade conflicts and a global growth slowdown: the first quarter outlook for the US economy did not look promising at the turn of the year.
"Despite all the prophecies of doom, the US economy did not collapse in the first quarter," said Commerzbank economist Christoph Balz. The main wild card for Friday's release could be private inventories, according to a number of analysts, including Unicredit, whose 1.3 per cent GDP forecast sits at the more pessimistic end of the range.
Subsequent business surveys showed that while German manufacturing contracted for the fourth month in a row in April, buoyant services activity compensated. Wednesday's Ifo print may offer some slight additional relief.
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