Ethan Harris: Despite Brexit, Global Growth Is StrongRupert Hargreaves
Despite the initial shock, Brexit is unlikely to be a significant black swan event for the global economy; that’s according to Ethan S. Harris Global Economist at Bank of America Merrill Lynch.
Harris presents a cautiously optimistic view of the global economy, noting that growth is trending modestly below average at 3%, but business sentiment is improving -- especially in emerging markets. In the US, initially fragile GDP data for Q4 and Q1 has been revised higher. Payrolls weakened sharply in May, but bounced back in June, jumping 287,000. Capital goods orders remain weak, but retail sales have picked . . .
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