The US Real gross domestic product (GDP) continued to just inch along, increasing 1.1% in the first quarter of 2016, according to the most recent estimate by the Bureau of Economic Analysis (June 28, 2016).
Whilst in the fourth quarter of 2015, real GDP increased 1.4%.
The first‐quarter increase in real GDP mainly reflected an increase in consumer spending on services, notably on healthcare and on housing and utilities. Consumer spending on nondurable goods also increased, but is of little consequence to the industrial gas (IG) industry.
Consumer spending on durable goods declined, notably on motor vehicles and parts, signaling more challenges for IG in those sectors.
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